It's real weak out there right now. Like I said yesterday, things were set up pretty nicely for the bulls but they weren't able to capitalize on the oversold market. The Nasdaq took the brunt of the selling today but all the major indies made new lows for the month. What's worse is they did that on increasing volume. You know I love to harp on poor upside volume. The bulls cannot be happy with the volume action recently. Heck, looking back at the S&P chart upside volume has been mostly suspect since at least July. That's going to make it tricky to find areas of strong support. On the bright side though, T2108 is at 33 now. Another bad day or two and it will be sub-20 which is usually a buy signal.
Reversed the two upgrades from yesterday...
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Down(-) | Down | Down(-) |
| Short-term | Down | Down | Down |
(+) 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.
Hi Mike,
I noticed the 1080 level has a broader support then just December dating back more then 10 years. Here is a link to the chart that I am looking at.
http://bit.ly/9eFmQ8
It is interesting the way the charts are setting up. With all the weak volume I'm having a hard time determining where the strong support is using daily charts. Using weekly and monthly charts, it looks like decent support around 940 on the S&P and around 1730 on the NAS. What's your read? Did you happen to notice the pullback on fibinacci bounced off the 61.8 level?
Mike,
How can I get the T2108 chart?
Exec
@ Exec,
You can find T2108 on FreeStockCharts