Trading, especially on the Nasdaq, has been lackluster all week with the notable exception of the last hour on Monday. The only hint of action today was a slide under 2,300 around 2:00. But late day buying managed to save the Nasdaq from closing under 2,300 for the first time since March. That index needs to close above its 50-day moving average to regain its bullish posture.
I don’t care what the bulls say about the S&P and its new highs — it’s just going sideways! It’s right where it was in mid-March.
I suspect that tomorrow will be another sideways day as people do even less while awaiting the payroll report on Friday morning.
