This was another of those days that I hate for the way I day trade. As you know, I wait until 10:30 before entering positions. All of today's gains came within the first 45 minutes of trading and the opening 60 minute range was never broken.
That made it a short & uneventful day for me.
On the daily charts we just see more drifting higher on relatively low volume. The Nasdaq made a new 2006 high and the Nasdaq-100 finally took out its January 2006 high. It's hard to argue with new highs but that low volume does bother me. I'm sure the action will pick up over the coming days with options expiration and all the economic data being reported. Brace yourselves!
Here's the semiconductor index, which is still languishing beneath its 200-day moving average. It's worth watching closely now as it tries to break above that important resistance.
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Up | Up | Up |
| Intermediate | Up | Up | Up |
| Short-term | Up | Up | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
