Trading was choppy today but at least the bulls can say that the indices ended on the upside and that they fianlly reached oversold territory. I think that oil's early weakness and subsequent rally had a lot to do with the slide the indices had intraday today. Apple and Yahoo also helped to drag down the Nasdaq and especially the underperforming Nasdaq-100 today.
Trend Table
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Lat(+) |
| 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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