It continues to be a tough market for the bears but I think tomorrow's going to be a big test. There were some earnings disappointments tonight (AA & ERTS) which could dampen the bullish spirits a but. Combine that with an extended, overbought market heading into earnings season and you have a recipe for a good amount of selling. There's a lot of air underneath the market right now and if earnings are lackluster we could see a swift move down. I wouldn't start getting concerned about a pullback until more than 50% of the Santa Claus rally was given back.
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.
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I agree....it will be interesting to see if a pullback picks up momentum or if the frustrated sidelined buyers decide to pile in at the first sign of a dip.
When trading the indexes, do you prefer futures or ETFs?
Thanks,
Ben