My outlook hasn't changed at all from yesterday. The indices chopped around in tight ranges today and ended up making inside days. You could call it consolidation or stalling depending on whether you're a bull or a bear. The bottom line for me though is that the indices still need to break the pattern of lower highs they've been making for a few weeks for the bulls to be in complete control.
Depending on how you draw the S&P 500's trendline and whether you're using a logarithmic scale on your chart, you may see that the September downtrend was broken today. However, it's not a very convincing break and it has not made a higher high, so I wouldn't read too much into it.
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.
Looks like churning to me. We´ll see.
OTOH, much more seriously, IF one is using log charts SPX, NDX, DJTA broke their uptrend lines from March & came up from below & have touched the bottom of those recntly broken uptrend lines.
Futures way up on earnings. Might get that breakout today. Should be interesting to see how the day plays out.