It felt like volume was much lower than it actually was today. The wasn't much at all making it though my Trade-Ideas volume surge filter. Like Brian said earlier today, it was a very dull market. Even the late day rally wasn't very enthusiastic. So we're just continuing the recent pattern of floating higher on relatively light volume.
I took advantage of the slow market action today to fill out my NCAA tournament bracket over at PicksPal. I set up a Traders league for anybody who wants to catch a beat down (Andy? X? Howie?) and possibly win some nice prizes, including a MINI Cooper. You can use the widget below to sign up...
Anyway, back to the charts. The Nasdaq closed above resistance near 2400 on light volume. It kinda feels like another game of musical chairs as we keep floating higher.
The S&P 500 is fighting with that 1405 to 1410 resistance zone.
The Russell's sneaking back towards that important 800 area.
The indices closed above their 10-day moving averages so the short-term trends get flipped to 'up'.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Up | Up | Up |
| Intermediate | Down | Down | Down |
| Short-term | Up(+) | Up(+) | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
I like your picks except for Ohio State. Are you for reals?! Memphis will be taking that section!!!
Hi Mike..
Good link you posted about momentum preceding price. This is exactly what I've been thinking about the down move we had last week in the S&P. Turtle traders call this kind of a move a "gain in momentum". The odds very at least a retest of the last swing low.. We'll see how things unfold.
I'm in. Each put in a few bucks for a trophy? I have some space on the computer shelf. Live here near campus at U of Illinois but without the Chief we can't win