The markets held firm today after yesterday’s rally. Though volume was down across the board, the action is good after yesterday’s rally. The S&P 500 and NASDAQ Composite retook their 20-day SMA and the S&P 500 rose above the neckline it fell below last week. Meanwhile, the DJIA retook its 200-Day SMA. The markets continue to be within their established ranges. However, the bearish pressure that the markets were under over the last couple of weeks is waning.
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I am an amateur trader and investor with over 15 years experience in the stock market. I was bred to be a fundamentalist and followed fundamental analysis until 2009. Following the 2007-2008 bear market, I began to shift from a buy-and-hold strategy to trend-following techniques.