Today's early rally hit the wall right at resistance levels. I suspect the indices will continue to chop around at least through Friday's jobs report and possibly until whenever the government reveals the stimulus/bad-bank/"bailout 2" plan.
The Nasdaq poked its head above both its 50-day moving average and its downward sloping January trendline but sellers pushed it back below both lines. So it remains inside the triangle/coil it's been building.
The S&P popped above the well-watched 850 level before falling back.
Here's yet another look at Bank of America (BAC). It slid to a new 18 year low today on extremely high volume. It sure seems like it wants to go to zero...
The XLF has resisted following BAC to its January lows and beyond... so far. It looks like it's ready to fail but I guess sellers aren't willing to sell all the financials off ahead of the announcement of the gubbermint's rescue plan (or whatever it's called). But do we get a "sell the news" reaction once that plan's been announced?
no changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Lat | Down | Down |
| Short-term | Up | 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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