The market recovered from an early attempt to extend Thursday's selloff to end the day decidedly mixed. The Dow and S&P 500 were able to close in positive territory while many other indices, including the Nasdaq, Russell 2000 and the S&P 400 (midcaps) ended the day in the red. That kind of action smacks of a confused market. I'm also seeing indecision in many of the stocks that popped up in my scans tonight. There were many potential bullish reversal candlesticks (doji and hammer-like candles as well as NR7s) made today but very few of them screamed "buy" to me. I always like to assess those candlesticks with respect to the prevailing trend and for most of what I saw tonight were sideways at best. This is a tricky spot though, I think 900 on the S&P 500 could be solid resistance but there's also nearby support at 886 (200 DMA).
The trend table is looking a lot worse since Thursday's big drop...
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Lat(-) | Down | Down(-) |
| 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.
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