It was a good day for the bulls today with ~1% gains on the S&P and Dow and a 1.6% gain in the Nasdaq. I think the Nasdaq gain qualifies as an IBD / CANSLIM follow-through day (or maybe not) but I’m not sure about the S&P’s move. Nonetheless, neither index was able to close above last Thursday’s highs. The Dow, however, is still leading the way and was able to break through resistance.
Volume was unimpressive across the board though. (Maybe I should get used to that since it’s now summertime.) I imagine it will pick up once the S&P makes a move for its 200-day moving average which is just a few points away.
I’m changing all the short-term trends to ‘up’ since all the indices broke their 10-day moving averages today.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Down | LA | LA |
| Intermediate | Down | Down | Down |
| Short-term | Up(+) | Up(+) | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
LA Indicates a Lateral trend
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