We got some selling today but it was nothing to write home about. Volume was about average and the market remains range-bound. So there's really nothing new to say. I'm still focused on the S&P and its trading range. A test of the bottom of that range seems imminent and I'll be looking to get short if that support breaks.
There is one development in the S&P chart that I didn't draw. It broke its March uptrend today (on a log scale chart). That's worth noting but we have to keep in mind that it has broken several March uptrends this year only to establish new, less steep trendlines by making new highs.
Some deterioration in the short term trends...
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Up | Up | Up |
| Short-term | Lat(-) | Down(-) | 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.
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