It was a mixed day today with the Nasdaq and Russell up about 0.2% and the S&P ended down almost 0.1%. Volume contracted across the board, which shouldn't be surprising after the big day yesterday. I am starting to notice (what I think are) rising wedges in the indices:
The rising wedge can be one of the most difficult chart patterns to accurately recognize and trade. While it is a consolidation formation, the loss of upside momentum on each successive high gives the pattern its bearish bias. However, the series of higher highs and higher lows keeps the trend inherently bullish. The final break of support indicates that the forces of supply have finally won out and lower prices are likely. There are no measuring techniques to estimate the decline – other aspects of technical analysis should be employed to forecast price targets.
Given the above, I guess I'll just keep an eye on their lower support lines...
The Naz closed at another multi-year high. It's back in short-term overbought territory, where it's spent most of the month.
The pattern of oscillating between range expansion and contraction continued on the S&P today. It got to within 2 points of 1,500 today before falling back.
The Russell had an inside day today although it did make a new all-time closing high.
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
