The bulls did a good job of defending Monday's low this morning after a gap down open. There were rumors that talk of a second stimulus provided fuel for the follow-on buying that came around noon. I suspect that options expiration games had something to do with that as well. It sure seems like the S&P *wants* to be pinned to 1,000 for Friday's expiration. I guess Nasdaq 2,000 isn't out of the question either. Pins games or not, it seems that we're in for more range-bound trading. Volume was up on the Nasdaq and slightly lower on the S&P but was below average on both indices. That may be a common occurrence as we head into Labor Day.
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | 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.
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