The S&P 500 held above its 200-day moving average for most of the day but it gave in to the selling pressure late in the day. It's now set to retest the support/resistance zone around 875. That was resistance in late January, early February as well as April before flipping to support in May. There's not a lot of obvious support below that zone so a breakdown would be a big deal in my eyes.
Things don't look nearly as bad over in Nasdaq land. That index broke its 50-day moving average today but it's still well above its 200-day and its May lows. That could change quickly though, especially if the S&P breaks that 875 zone and people start looking for stocks to sell (short) with a lot of air under them.
More damage done today...
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Lat(-) | Lat(-) |
| Intermediate | Down(-) | 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.
Hey Mike;
I know you don't use Twitter much, but have you thought about using a service such as TwitterFeed (http://twitterfeed.com/) to push your blog posts to your Twitter account? It's great exposure for your blog and alerts some of use that are following you on Twitter that you have a new post.
I have your RSS feed, but others might not.
If you include Stock symbols before your post in StockTwit format (i.e., $SPX $QQQQ, $GE, etc.), you're pushed post will show up in the StockTwits general feed.
Love your stuff. Just a thought on TwitterFeed. Cheers.
~Shepard
=^.^=
Hi Mike,
what do you think about placing stops using Bollinger Bands as illustrated in the piece about trading double Top/Bottom.
Never heard that before and would love to hear your opinion if you got two minutes.
Read your Stock markt recap, thank's for sharing.
Paolo