Good news from IBM mid-day sparked a turn-around in the market. While the reversal was impressive it didn't do much to improve the overall technical pictures for the indices. The S&P is inching closer to its 50-day moving average and resistance near 1,400 on slightly below average volume.
The Naz almost escaped its triangle today but it fell back right at 3:00.
The Russell had a short trip above its 50-day moving average today before sellers pushed it back down. It's also contending with resistance from the mid-February high at 722.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Down | Down | Down |
| Intermediate | Down | Down | Lat(+) |
| Short-term | Up(+) | Up | Up |
(+) 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.
This is like watching paint dry!
Hi there! Love the blog. I check the market recap every night before bed. I've been following this forming triangle with you for a few weeks. Now that we have bullish candle sticks with real bodies rupturing the triangle, I agree that a passing of the Feb. 1 high will be crucial, especially considering the 12750-12850 range as being major support last August and November. However, should historical resistance and innability to cross the moving average kill the symetrical triangle breakout, 12750ish will still be quite important as the implied vertex of a younger, larger ascending triangle. This should be a pretty good week.