Selling resumed on Friday, especially in the larger cap NYSE stocks. It marked a bad end to a bad week for the bulls. But at least most of the indices are now short-term oversold.
Unlike the S&P 500, the Nasdaq closed well off of its lows. It was able to bounce off of its March trendline which happened to be a point above the May low. Let's see if those two support levels can continue to hold.
The S&P broke its May low and is closing in on its 50-day moving average. If that can't hold, 1,325 looks like the next support to me.
The Russell 2000 broke its March trendline but appears to have support just above 710, where the May lows and its 50 DMA are currently.
The Dow continued to lead the way down as it dove away from its 50-day moving average.
Just one change
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Up | Lat(-) | Up |
| 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.
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