“Unchanged” says it all about Friday’s action. The indices were little changed on lighter volume. My guess is that this type of action will continue until the Fed decision on Thursday. But who knows, maybe some gunslingers will try to place some big bets ahead of the decision. I’m looking forward to the decision being a thing of the past so we can hopefully get out of this trading range.
My Nasdaq death cross watch continues — looks like it will happen tomorrow. (Just to be clear, as I’ve stated in the past, I take no action based on death or golden crosses because they’re lagging signals. I just like to point them out.)
No changes today.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Down | LA | LA |
| Intermediate | Down | Down | Down |
| Short-term | Up | Up | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
LA Indicates a Lateral trend
Mike:
Like your stuff.
Reading tonight’s comments about the S&P as a coiled spring. Is that a coiled spring going up? I’m new to this, but my impression was that formation would be a bear flag. Why up, in your opinion?
S
If anything it looks like the path of least resistance is down. Barring external events, like the Fed meeting, I’d be expecting the lower blue trendline to get hit.