Thanks to a policy change by my web hosting company and a new spam fighting plugin I've turned comments on again. Hopefully I won't have to turn them off again.
Friday turned out to be a real dud after the pre-market rally. Sellers stepped in right at the open and the day ended up being a stalemate. On the bullish side though, the indices continued their string of higher-highs and higher-lows.
The market may be reaching some significant resistance now. The Dow and S&P are closing in on their 50-day moving averages while the Nasdaq sits just below its 200-day moving average. If I was a bear looking to get short this seems like a pretty good risk/reward area to start loading up...
The Banking Index (BKX) is one of the better looking indices right now. I guess things can't be too bad if the banks are holding up well.
No changes to the trend table today...
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | LA | Up | Up |
| Intermediate | Down | Down | Down |
| Short-term | Up | Up | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
LA Indicates a Lateral trend
Agreed on the analysis, Mike.
Some technical traders will also call this chart pattern a bear flag.
Take care.
T.