Early in the day the market got a some follow-through on yesterday's bounce off the lows. But sellers stepped in right at noon and pushed the market down to new closing lows. I'm very surprised (here comes another volume complaint) that the volume wasn't much higher today, especially given the fact that the S&P 500 broke its 200-day moving average. I guess we'll have to retest the May lows to create some real fear. At the rate we're going that should happen any minute now.
I'm starting to keep an eye on T2108 again. It slipped down to 28.84 today so there's still room for it to fall to that important oversold 20 level. (For those without TeleChart, the symbol $SPXA50R on StockCharts.com provides a similar read on the market.)
No changes to the trend table today. If you're a short-term or intermediate-term trader and you're still long as yourself why!
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | LA | Up | Up |
| Intermediate | Down | Down | Down |
| Short-term | Down | Down | Down |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
LA Indicates a Lateral trend
Hi Mike,
I know on the T2108 the all important number is 20. For those of us without TeleChart, what would be the comparable number on stockcharts? Thanks.
I just pulled up a 3 year chart of $SPXA50R -- looks like 20 is the 'magic' number there as well
Shouldn't the primary trend of the NASDAQ Composite be Up? I'd think the early Oct. 2005 low of ~2025 would need to be violated before this primary trend changes direction (especially evident on a weekly chart).
Sup with all these anonymous comments? Is it that hard to type in a name?
I said when I started doing the trend tables that I was basing the long term trend on the 200-day moving average. Your argument is certainly valid. My definitition is by no menas the only way to look at it.
Hi Mike,
It will be helpful if u post the T2108 during 2000 top to 2002 bottom.It will give an idea about indicator trend during bear market.
$SPXA50R is available for only 3 years.
Tx.