Yesterday the markets finally had a little sell off that may well test the current upward trend. Greece and the Eurozone seemed to be back on the agenda, or was it just an excuse to engage in some profit taking? Given the number of times that the market has been worried, then not worried, about Greece, the euro, Eurozone debt, etc over the last year or two, it makes you wonder if it is often a convenient excuse. Until something actually happens the chances are that these fears will go on. Most of the fears are still speculation, It will be interesting to see the reaction if something actually did happen. We will then find out if things are priced in. I suspect not.
Yesterday saw the 20 dma on three indices tested. Today the Dow is under more pressure and the next few trading days may confirm whether the downward move is something more than just a pause. Certainly the FTSE 100 is struggling to hold ground above 5800, a strong resistance point.
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