MLR - PMP 9/24/14
Major averages fell on lower volume partly due to airstrikes in Syria. The S&P 500 and NASDAQ Composite both sit just above their respective 50-day moving averages. European markets continue to drag with the iShares Europe ETF (IEV) trading under both its 50- and 200-day moving averages. The question will be whether US markets will get support this week or plumb to new multi-week lows. Many leading stocks have, on balance, been hit hard and sent down to areas where support might emerge, thus some may try to stage a bounce.
The Market Direction Model went to a sell signal two trading days ago, and at the time of this writing, there remains no material evidence as of yet to indicate a signal change. Investors should continue to maintain a cautious, defensive stance in the current environment.
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