The bulls clearly liked what the Fed had to say today but I always take the initial reaction with a grain of salt. Let's see if the market holds on to today's gains tomorrow to decide if this post-decision move was for real. All of the major indices are sitting near recent resistance so I'll be watching those levels closely tomorrow morning.
The Nasdaq broke the downtrend I pointed out in my last recap. It's closing in on the 2006 highs one again. I do like the bullish On-Balance Volume divergence and I imagine that bears will go into panic buying mode if today's high is taken out.
OK, maybe that was a false breakdown from a false breakout last week. :-D
The Russell is trying to break free from its almost three month trading range. We could see some panic from the bears here as well...
Everything is up again...
| 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
Every day I read a article here and there that says there's more and more evidence pointing toward a market correction. What do you think?
Laugh all you want at my video below, but those moves drive the ladies crazy.
Nagel, are the authors of those articles making money in the markets, or are they making money writing scary articles?
:-"
I say we should make hay while the sun is shining!
:d/