Well we're a little deeper into earnings season and things are looking better than they did on Tuesday. But I think it's still too early to draw any conclusions despite the new 52-week high made by the S&P 500 today. I'm also not thrilled with the upside volume after Tuesday's distribution day. Perhaps we'll get some better volume and price direction next week when earnings reports really start to pour in.
Trend Table
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.
Great call Michael. For my part I'm going to wait until the SPY is firmly below the 50D before going short. Too much short term support at the moment.
Hey Michael,
Just wanted to leave a quick, yet sincere, thank you for all the work and insight you put into this blog. I spent nearly the entire day yesterday studying your posts, old and new, and I keep finding more to read. Some are new ideas for me and a lot are reinforcement of things I already know - both of which are invaluable.
Have a good weekend,
-AT
The NASDAQ forming a bit of a "megaphone" but with the VIX not holding highs shows sellers are getting complacent. A correction would go a long way with setting up new bases, but it appears everyone is still looking for a correction.
"A watched pot never boils"
Hey, you're back! Where have you been? Yah, I'm still cautiously bullish... with an emphasis on the cautious.
You're welcome Attitude Trader and thank you for the kind words.
Mike is MIA, come back, we need your perspective and expertise. Hope all is well with you!!