It seems like every week I find another website that's stealing my (and others') content in an attempt to get ad revenue from Google. (I think Google has made it too easy for people to sign up.) I just noticed another one a few minutes ago. Since so many people have no respect for copyrights I may be forced to switch my feeds back to summaries only. Sorry to those subscribers who like the full text feed.
Trading was very choppy today. The market had a nice rally early in the day and subsequently gave up all of its gains after the Fed minutes were released. Buyers managed to push the market back towards the day's highs late in the day. After all was said & done the S&P regained about half of yesterday's losses and the Nasdaq regained about a third of Tuesday's loss.
The charts are a tough read right now given that the market's just been thrashing around for the last 9 sessions. Today's candlesticks tell me to look for continued upside but the stochastics are telling me this is a spot to be a seller. I plan on keying off of the break of today's Nasdaq range -- I'm a buyer above and a seller below.
The S&P managed to hold its 200-day moving average:
Given that the S&P and Russell were able to reclaim their 10-day moving averages I'm reclassifying their short-term trends as up.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | LA | Up | Up |
| Intermediate | Down | Down | Down |
| Short-term | Down | Up(+) | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
LA Indicates a Lateral trend
