Weekly commentary

As I have said in the previous weeks, the market is stalling at resistance. The Nasdaq has four times since February bumped up against the 2100 area, and each time it has turned back. Most recently, it hit 2097 on June 2nd and has been mildly falling ever since. It could be an important top, but I doubt it. Because the bull flags appeared on the Internet index makes me more bullish than bearish, because the market internals are improving facing the Nasdaq's falling. The percentage of stocks trading above their 50-day moving average is at 70%, highest reading since January 3rd. That is why I say the bull market appears to be very much intact.