April 16, 2008 Stock Market Recap
By Michael on Apr 16, 2008 in Stock Market
The bulls have to be thrilled with the action today. The indices gained well over 2% today on increasing volume. The rally wiped out last Friday’s GE-induced losses and pushed the indices back above their 10 and 50-day moving averages. And if that wasn’t enough, the futures surged even higher in the after-hours session thanks to IBM’s earnings. As you’ll see in the charts below I’ll be watching resistance — and I literally mean watching since I try not to trade on expiration Thursdays & Fridays.
All the short & intermediate-term trends flipped to ‘up’ today.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Primary | Down | Down | Down |
| Intermediate | Up(+) | Up(+) | Up(+) |
| 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.
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