We had a little pullback today on mixed volume. The S&P 500's volume remained about the same as the past couple of sessions but volume increased on the Nasdaq, Russell 2000 and Dow. So I still have the same concerns about a lack of upside volume relative to the down days. While there wasn't a lot of technical damage done today we've still got to be alert for topping patterns -- a double top on the S&P 500 and a head & shoulders on the Nasdaq.
As usual, the small caps performed the worst. The Russell fell twice as much as the other indices on a percentage basis. This is the index most in danger of taking out its November low.
One downgrade
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Up | Up | Down(-) |
| 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.
Caution is good at this stage... watch the volume and keep those stop losses tight.