The day started of fin promising fashion for the bears as the indices gapped down in sympathy with a big drop in the Chinese market. But the bears were not able to capitalize on that early weakness. The market just meandered sideways for the rest of the session. There was minimal technical damage done to the indices today. I've made some minor downgrades to the short-term trends in the trend table but I don't think the bulls need to sweat as long as the March trendlines hold. Absent any big news I'm not expecting much out of the market this week, ahead of Labor Day, except possibly on Friday after the payroll data.
Downgrades to the short-term trends today...
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Up | Up | Up |
| Short-term | Lat(-) | Lat(-) | 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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