The 50-day moving averages were broken across the board today. The S&P and Dow looked as if they'd hold theirs until the last few minutes of the day. Those two indices are still very close to their 50 DMAs, so they could easily get back above them. The NASDAQ-100/QQQ looks the worst of the bunch -- it's almost 2% below its 50 DMA. So it's looking like the August-October leg of this uptrend is over. The longer term uptrend is still very much intact, as evidenced by the 200 day moving averages. The NASDAQ is 250 points above its 200 DMA. So we may be in for a period of bouncing around somewhere between the 50 and 200 DMAs for a while.
The Smack Down
Essential Reading
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