Morning Market Update for Dec 03, 2013

The expected profit-taking is occurring Tuesday but mostly in the Dow. Currently, the NASDAQ and the S&P 500 are not showing any great selling pressure. Unless there is a severe selling draft Tuesday, the implication remains that this is profit-taking during an uptrend. Additional evidence is the fact that numerous bullish charts are continuing to trade bullish today, also indicating that there is not any massive selling, yet. As long as the indexes continue to trade above the 8ema, the uptrend has to be assumed to be in progress.