Morning Market Update for August 29, 2013

Thursday's positive trading still requires the indexes to eventually close above the 8ema. Although there is buying at these levels, there has not been a strong reversal signal in any of the indexes. At this level, the NASDAQ is trading back up above the 8ema. However, the Dow and the S&P 500 still need to see a close above the 8ema to demonstrate the current downtrend is over. Any buying Wednesday or Thursday still needs to be done with a sense of nimbleness. Be ready to close out positions that will be affected by a continued downtrend if the indexes fail once more below the 8ema. This market still requires close attention. The bias is still downward until there is bullish confirmations. Have a great trading day,