I've been waiting for something interesting to happen so that my recap would consist of something other than "see the previous recap". Well today was almost interesting. We finally, and temporarily, broke out of the tight trading ranges the indices have been in all week. The result, however, was the same as every other day this week -- small changes in price. The bulls can take heart in the fact that old resistance from the early August highs is turning into support. Both the S&P and Nasdaq probed those August highs this morning and were able to bounce right off of them. The Nasdaq also tested the nice round number of 2,000, which should be psychological support. Still, I'd call this whole week a stalemate with a slight edge to the bulls for being able to defend support. The bears are going to need a serious catalyst to get this market to drop, especially in the face of month-end mark-ups.
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Up | Up | Up |
| Short-term | Up | Up | Up |
(+) 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.
Leave a comment