Despite the ugly close to today's session I don't want to read too much in to that weakness. That's because the S&P and Nasdaq are still a stone's throw away from new highs as well as the impending payroll report. My primary focus will be on the S&P 500's trading range. It tried to breakout of that range yesterday and today but the bulls couldn't keep it in new high territory. It's now back in the middle of that range and perhaps the jobs data will provide enough of a catalyst to finally break this range... one way or the other.
The Nasdaq had a similar rejection from 52-week highs. It's come a long way since last Friday's gap down opening print so a little bit of a rest/pullback shouldn't be a big deal. Levels I'm watching here are the 52-week high just over 2200 and the 50-day moving average.
The Russell 2000 continues to flounder near its 50-day moving average.
A few downgrades today...
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Up | Up | Down(-) |
| Short-term | Up | Lat(-) | Lat(-) |
(+) 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.
Resistance strikes again... keep some inverse positions people, please!
What us going on today?????
Another rinse job? Longer daily bars like April/May shakeouts--but still within the trading range.
Something unexpected this way comes. Jim.