The indices continue to chop around in the muck. That's true on the short term as well as the longer term. I decided to zoom out from my normal 3 or four month long charts to see what they revealed. The thing that's exceedingly clear is that the indices are still dealing with resistance levels from the spring & early summer. The Nasdaq appears to be working on a head & shoulders pattern:
The S&P has basically been capped by its May highs. Sure it's spent a little time above those levels but those time turned out to be selling opportunities. It's hard for me to get excited about his chart until either 1560 or 1400 is broken...
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Up | Lat | 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.
Mike,
Nice....looks a lot like the housing charts about a year or so ago. This could really get ugly. Might call for some QID and SDS in the IRA as a LT investment. I appreciate your work. Thanks.
David