Well now we know for sure that the rally earlier this week was just a relief rally. The indices made new lows for the year and are now clearly making lower highs and lower lows. Volume surged again but it wasn't terrible and certainly not at climactic levels. I've drawn trend channels on the S&P and Nasdaq charts which show that they could easily slide down to the 200-day moving averages over the coming weeks.
Even the gold bugs couldn't hide today. It looks like gold want to head back to 1,000.
And here's a shot of T2108, which is heading toward its oversold level of 20.
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.
Nooooo! Not gold! We'll be back. Right after a fresh round of currency printing to pay off all these sovereign debts.
Trader Mike,
Great site you have here.
I agree I think that the price will test the 200 ma on the S & P but the question is do you think it will bounce at that support level or go lower?
I suspect we'll see a short term bounce... but I'm not sure the selling pressure is over yet.
Dear Lord.
Is there even one commentor left that isn't just here to hawk his own blog or flaunt his cluelessness?
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Good job Mike, I'm with ya.
I really like that you're (also) a TA guy.
Love the site.