We rallied on better volume today but I'm still not convinced that this is nothing other than a relief rally. The S&P 500 is within striking distance of its 50-day moving average and the top of its November - December trading range. How it deals with that zone should tell us whether this bounce is for real or just a good shorting opportunity.
Trend Table
No changes
| 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.
This was hilarious.
Banker caught on national television watching porn.
Link: http://bit.ly/a2vfev
Hopefully the bounce is for real, and it stays on top of the zone.
Yah... like you, I'm suspicious... actually, I'm hopeless. Without upside volume, this may be a bounce off an artificial floor.
I noticed the "Slow Stoch" indicator is at a bottom and turning up on the $SPX (S&P 500). Indicators are far from perfect, but they have worked well since March. I am wondering if it will keep working.
The major level I see on the $SPX is 1074 support and there is an upper resistance line that is not as solid as the support.
http://bit.ly/9Jvdgs
I think your right-relief rally- you see all the tax talk. Beyond that we basically had a big bounce from very oversold conditions around election. why the run? ONLY reason I see is the bounce.
Mike was right again......week volume on the upside unraveled like a cheap rug.
LOL... I may have to steal that phrase from you Exec