November 27, 2007 Stock Market Recap
By Michael on Nov 27, 2007 in Stock Market
A nice snapback rally today but it wasn’t enough to wipe out Monday’s losses. The S&P remains trapped between a downtrend sloping trendline and its lower Bollinger Band. Its support around 1400 will also be important to watch.
The Nasdaq is bumping up against a confluence of resistance lines. A close above 2600 would be big for the bulls.
Trend Table
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Lat | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Down | 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.
Tags: Technical Analysis
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