The market was mixed for a good part of the morning but things picked up after noon, led by the Nasdaq. Oil pulling back a bit seems to have emboldened the bulls today. Judging by the light volume many people are still enjoying the holiday weekend.
The Nasdaq's looking pretty good after its textbook bounce off of the March trendline. But we can't sound the all-clear yet -- the 200-day moving average is just above.
The S&P still has a little work to do in order to break last week's downtrend like the Nasdaq did today.
Two changes today
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Up | Lat | Up |
| Short-term | Lat(+) | Down | Lat(+) |
(+) 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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