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.