(Note: This will be the last regular post (watchlists & recaps) until this weekend. Look for the next recap this weekend once I'm back from New York.)
Trading was choppy & sloppy today as the market tried to digest Bernanke's comments. The bulls gave it a good try mid-day but the indices still closed near their lows for the day. Here's the intraday QQQQ chart (15 minute candles):
It's also interesting to note that Bernanke's clarified the Fed's stance on inflation and now the market has basically given back all of the post-Fed gains from last week. Here's the intraday S&P 500 chart showing the liftoff caused by the Fed decision / statement last Wednesday:
I thought I'd show the Multiple Moving Averages (MMAs) again. Here's the Nasdaq chart showing that last week's rally didn't hold long enough to flip the long-term group back to a bullish posture. I'm now on the lookout for that long-term group to spread out, showing a strengthening downtrend.
The S&P 500 closed beneath its 50 DMA and gave a stochastic sell signal. The obvious potential support level for it and the other indices is the mid point of the W-bottom made earlier this month -- around 1410 for the S&P and 2405 for the Nasdaq.
The Russell's back below 800.
Lot's of 'downgrades' today with all the moving average breaks.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Up | Up | Up |
| Intermediate | Down | Down(-) | Down(-) |
| Short-term | Down(-) | Down(-) | Down(-) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
Mike, thanks once again for the end-of-day wrapup.
I see that you're into QuoteTracker and paintbars. If you're indeed new to the program, here's a tip: move the box that shows the quote at the current cursor position around by left clicking in it (it'll jump to another corner of the chart).
Mike,
What are some of the paintbars you are using? Looks like an NR bar is one, no? Thanks,
MT
MT,
one is an NR4 & the other is for inside bars