We had some significant price drops today with more than 2% losses on the indices today. But all that did was bring those indices back to the bottom of their June ranges. Volume remained below average, as is so typical of Mondays. Because those ranges haven't broken it's too early for the bears to claim victory. The timing of this selloff was interesting though. The Dow finally joined the other indices by turning positive for 2009 on Friday. Today it got smacked back into negative territory and back below its 200-day moving average. The S&P is now within reach of its 200-day moving average too. If the bulls can't defend that line things could get ugly real quick.
I'm finally flipping the short-term trends to down since the indices all closed below their 10 DMAs. Despite that, in the short term I still see this market as sideways until the indices break the June lows.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Lat | Up |
| Intermediate | Up | Up | 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.
Is the short-term trend mean to predict the next trading day's index movement? I found the trend table wasn't able to predict yesterday's change. Just curious
It's not meant to predict anything. All it's doing is saying what the trend is on a certain time frame.
Your thoughts on FSLR? This breakout consolidation has been unusually drawn out.