Each of the indices I regularly track bounced off of its 50-day moving average on Friday morning. The indices regained a large portion of Thursday’s big losses. So it was an impressive showing by the bulls, even with volume declining from Thursday. Of course the million dollar question is will there be follow-through.
The Nasdaq is just below 2,575 and its March trendline, both of which could now be resistance. A close above 2575 would be very constructive in my mind.
The S&P did well to get back above 1,500. Given that this coming week is expiration I won’t be surprised to see a real battle around 1,500 this week.
The Russell reclaimed its March trendline…
Just a slight upgrade of the Russell’s intermediate trend.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Up | Up | Up |
| Intermediate | Up | Up | Up(+) |
| Short-term | Down | Down | Down |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
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