I think we can call today the calm after the storm. There were a ton of NR7s made today and volume on the Nasdaq and S&P 500 was the lowest in 7 sessions. The bulls gave it a good try by pushing the indices into the green mid-day but a last hour selloff closed the indices in the red. So I'll just call this a consolidation day and my view hasn't changed from what I said yesterday.
The S&P 500 got above 1400 and close to the resistance I've been drawing but closed back within yesterday's range. Note that it's no longer oversold on my stochastic setting.
Here's the Nasdaq chart, showing an inside day today:
It was interesting to see some of the stocks which have shown good relative strength finally break down today. MasterCard Incorporated (MA) is a good example. It looked like death in early February after it reported earnings but it refused to follow through to the downside. It slipped today though and closed below 100 on increasing volume.
IntercontinentalExchange, Inc. (ICE) is another one that's been frustrating bears for a while now. It was down a whopping 9% today on huge volume.
Other exchanges got hit today as well. Here's NYMEX Holdings, Inc. (NMX):
Some other examples of exchanges having bad days today: ISE and the NYSE (NYX) were both down 3.4%. Even the mighty Chicago Mercantile Exchange Holdings Inc. (CME) looks ready to roll over:
IBM made a doji at resistance today. I like it as a swing short under today's low:
Silver Standard Resources Inc. (SSRI) may be setting up a short as well:
No changes.
| 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
TM
Over here from Tim's site. Haven't seen you post there in a while.
Any who, I was posting MA on my blog, and your chart, just looks fantastic. I hope you don't mind if I post the chart on my site. I'll tell everyone it's your chart, and to go visit you.... Thanks
Z-stock.
I'll be back.