Note: Once again there will be no watchlist tomorrow since I'm taking the day off for the Fed decision.
Second note: Apparently the July issue of TASC Magazine is on newsstands now. In addition to my interview there's a review of Barry's blog in the issue.
The indices continued their range-bound ways today. I think it's almost a certainty that these trading ranges will be broken either Thursday or Friday due to whatever the Federal reserve Board has to say. What I don't know is whether the break will be to the upside or the downside. The path of least resistance is down but the market's still oversold based on measures like T2108 (23.95 today) and $SPXA50R. It would be silly to focus on the technicals right now anyway -- what the Fed says & does is what's going to move the market over the next couple of days. Brace yourselves...
Charts of the indices and the trend table are below:
The S&P and Russell closed near their 10-day moving averages so I'm upgrading their short-term trends to 'lateral'.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Down | LA | LA |
| Intermediate | Down | Down | Down |
| Short-term | Down | Lat(+) | Lat(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
I got my July TASC in the mail yesterday, so it should be on the Newsstands. Congrats again Mike, it was a very nice article and it's nice to see you get the recognition for your work.
DT