THis was a mixed session wit the Russell 2000 and Nasdaq continuing to outperform the larger cap indices. The small caps look pretty good here as they extend above their January highs. The market is stretched (overbought) and I'm still concerned about the larger caps weighing down the rest of the market. That nagging feeling is also partially due to the lack of volume during most of this current leg up. I'm by no means bearish right now but a pullback to the February trendlines would not surprise me in the least. In fact, I think that a small pullback that works off the market's overbought condition would be the best thing for the bull case. I think that the S&P needs that in order to build up some potential enrgy for a successful try at its January highs.



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.










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