I don’t have much to say different from what I said last night. The indices stayed within yesterday’s ranges, making inside days. That shows a lack of conviction which I assume is due to the Fed decision tomorrow. We did get some strength after-hours on news of the so-called “bad bank” plan. BofA (BAC) was up 8% after-hours so the financials will be worth focusing on tomorrow. Many will be gapping right into resistance so they may be good fade opportunities…
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Lat | Lat | Lat |
(+) 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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