This was another day driven by strength in the dollar and weakness in commodities. Gold finally gave in to the pressure today and broke to new 2008 lows.
The Nasdaq is running into resistance around its 200-day moving average. Some consolidation here would be healthy and allow it to work off its overbought condition before trying to push higher.
The S&P made it through its 50-day moving average.
And the small caps continue to lead the way higher...
The trend table is looking much better these days but the S&P still needs some improvement.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Lat(+) | Down | Up |
| Intermediate | Up | Lat | 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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