Well, we knew coming in to this week with options expiration and earnings that it would be a busy one and it didn't disappoint. The last three days, especially, were a serios tug-o-war between bulls & bears. We had some big moves in both directions but when all was said & done the indices ended slightly down for the week.
Back on the 16th I talked about the Nasdaq falling back into the middle of its channel and it's finally heading that way. It looks like the gap around 2,650 is likely to get filled.
The S&P slipped back under its June highs and is not far from its flattening 50-day moving average.
The Russell 2000 continued its range-bound ways while giving up its 50-day moving average.
I've mentioned the non-participation of the financials a few times over the last few weeks (last time was July 10th). Here's another shot of the Bank Index ($BKX). I've pointed out the death cross which confirms what was already obvious.
The BROKEr/Dealer Index in closing in on its 200-day moving average but I thought I'd show the chart of might Goldman Sach Group, Inc. (GS). If mighty Goldman looks this weak imagine what the "lesser" firms' charts are like.
Google, Inc. (GOOG) had some short-term pain this week but the longer term picture still looks good.
A few downgrades today...
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Up | Up | Up |
| Intermediate | Up | Up | Lat(-) |
| Short-term | Lat(-) | Down(-) | Down(-) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
