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