You can thank me for starting a little rally. The Dow and S&P both rose about 0.7% today while the NASDAQ was basically unchanged. The Dow actually got back above its 50 day moving average, although the rise came on light volume. The S&P closed right at the bottom (on a closing basis) of its June-July range. So it’s sitting right at resistance and still has about 13 points to go to reach its 50 day moving average.
The NASDAQ made a doji today and because it’s so oversold a bounce here is very likely. But those Bollinger Bands expanding doesn’t bode well for a sustained rally.
