We got some good follow-through on yesterday’s rally in the S&P 500, Dow and Russell 2000. But the Nasdaq and especially the Nasdaq-100 ($NDX, QQQQ) had a a much tougher time. I guess that’s not surprising given the kind of days that Google & Dell had. (Charts of both of those stocks are below.)
The Nasdaq is still within the trading range it was in before that false breakout a couple of weeks ago.
The Nasdaq-100 (QQQQ) was actually down on the day. Unlike the Nasdaq it still has some work to do before reaching its December high.
Another new multi-year high for the S&P. If I had to pick on something in this chart it would be the volume today. But I certainly can’t argue with the price action…
The small caps finally cleared that 800 level which has been so tough to crack.
A tough post-earnings day for Google. It traded about 2 ATRs today and closed in the middle of its multi-month trading range and beneath its 50-day moving average.
So much for all the excitement over Michael Dell returning to run Dell Inc. *Somebody* used this news as an opportunity to unload some DELL shares.
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
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Since it was a good day for the major indices, I thought I would leave your sole comment for the day.
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