August 20, 2008 Stock Market Recap
This was a session which I like to label as a chopfest. The bulls can claim a victory though since the indices finished higher on the day and volume, while still on the light side, increased a bit. But I’ll call it a minor victory for the bulls since the advance decline line were mixed — positive on the NYSE and negative on the Nasdaq — and the indices didn’t even regain all of Monday’s losses.
Oil broke its July trendline today in unimpressive fashion. It may be worth keeping an eye on though…
No changes
| 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.
This post has 4 comments
August 20th, 2008
Hey Mike,
I hope you were in SOLF today
August 21st, 2008
Thanks for the list of recent links. They are quite interesting.
August 21st, 2008
You would do MUCh better if you used a charting system other than ’stock charts.com’
Pro’s don’t use stockcharts.com
August 22nd, 2008
Mark,
If you bothered to read anything on this site about what I use to trade you’d realize that I only use stockcharts.com to post charts to this site. I trade off of QuoteTracker charts and used eSignal before that.