Market Report for Aug 16 2022
There is still concerns of growth and this time after weaker-than-expected data out of China and due to a decline in August Empire State Manufacturing Index.
However, looking at the market, o0nce again we see Nasdaq Composite leading the first trading session of the week up. A fairly good start to the week with Nasdaq and S&P 500 just creeping above their latest resistance levels on their upward journey.
We have been long for 8 weeks and while during that time the market has continues to defy short sellers, we should continue to manage our trades. If the market flips, losing our gains is poor trading.
Follow the lead of the market.
Let’s go trade!