Well, I’m back again. Obviously I’m still in the process of rebuilding the site after this latest crash. I’m still not sure what’s causing these issues so this may happen again. My latest guess is that it has something to do with comments. So, although I hate to do it, I’m going to disable comments and see what happens.
Anyway, I still see the market as range-bound although now I’m leaning toward the channels I’ve drawn on the charts below. They’ve got a slight downward bias as opposed to the lateral ranges I was looking at before. That confirms what the moving averages are telling me — with the indices under their 50 and 200-day moving averages the path of least resistance is down.
No changes from Friday
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Lat | Lat | 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.
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