So we've had two days of chop since my last update and the indices are basically right where they were at Wednesday's close. Like the indices, my outlook has barely changed. It still seems like the indices are masking underlying weakness in some key stocks. It seems like people just have programs set to buy the broad market whenever it dips to the September highs. The Nasdaq and S&P 500 have been churning just above those support levels for the last week and a half. I can't see them staying in those ranges much longer and I suspect the break will be to the downside.
The short term trends flipped to up on Thursday and back to down on Friday.
| 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.
Leave a comment