The market just drifted higher today on the lowest volume of the year for the Nasdaq and S&P 500. I never trust low volume rallies into resistance but a good jobs report can negate that shaky technical situation. So the market's at an interesting juncture -- the indices have just reached resistance and are now (mostly) overbought. But since the stock market's closed tomorrow we'll have to wait until Monday to see how the market reacts to the report.
Here are the charts:
Trend Table
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
The jobs report is good.
SPY bumps its head right at the resistance line after a rally on steadily decreasing volume and shooting straight into overbought? And on a long weekend? Yikes. :o
Though the jobs report was good, it was 'hotter' than expected so the old inflation worries rear their ugly head once again. And as Bryan noted above, going into this 'hot' news, indexes have risen on decreasing volume into significant resistance reaching a near overbought condition. Be interesting how the market reacts on Monday.
Market at present want only goldilocks news, not too cold, not too hot, if it gets one or the other, it reacts sharply.