We got a little more technical damage today. I saw an increasing number of stocks slipping below important moving averages, especially the 50-day. The S&P 500 made a clean break below its June range and is just a few points above its 200-day moving average. The index is approaching a 20 point zone which should be tough to break through. There's potential support from the round number of 900 plus the 200 (at 908) and 50-day (at 892) moving averages.
Yesterday the S&P 500 broke its March trendline and today the Nasdaq followed suit. Other than that it still looks in pretty good shape. It's got room to pullback without threatening its 50 & 200-day moving averages.
I was asked about First Solar, Inc. (FSLR) earlier today. It looks like it just broke down from a descending triangle. I think it's in serious danger of filling that late April gap.
No changes.
| 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.
There has been a long talking about this is a bear market rally. Looks like this week is the turning point. The Dow reached its peek which is close to 8800
Hi Mike,
Here's a bit of a random question. When you went from your 9 to 5 to being a full time trader. Did you notice a change in your performance and if so why do you think that was?
Having recently made that move I am noticing a distinct dip in performance and I was wondering if you had any similar experiences.
AC