August 19, 2008 Stock Market Recap
Posted on August 19th, 2008 in Stock Market
Despite the light volume selloff today the bears were able to do some technical damage to the S&P 500 by breaking its July uptrend. It’s looking like a retest of the July low could be in the cards if the bulls can’t defend support around 1250.
The Nasdaq looks a little better since it’s still above its July trendline and its 50-day moving average.
Trend Table
The “downs” are starting to dominate the trend table again…
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down(-) | Down | Up |
| Intermediate | Up | Down(-) | 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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This post has one comment
August 22nd, 2008
Hey Mike,
I’ve been watching your moving average data for a few weeks now and the market volatility is really scary. I’m a buy-and-hold investor so I’ve been waiting patiently for the market to turn but it has been a wild ride. Looks like there are quite a few potential bumps in the road ahead as well. Good luck with your trading and great post, love the market recaps, they contain a lot of valuable info.
Cheers,
Odd Lot