It’s funny that if somebody just looked at the end of day quotes for the indices they’d think this was an uneventful day. Quite the contrary — this was one of the wildest days we’ve had in a long time. Volume on the Nasdaq was almost 3 billion shares as it managed to rally back from a greater than 2% loss. According to Ugly the QQQQ did record volume today at over 260 million shares. Volume also surged on the S&P 500 which traded more than 3 billion shares. The VIX had a huge move intraday as well. It hit levels not seen since early 2004.
I think it’s safe to say that a lot of people were shaken out today. That’s the kind of stuff bottoms are made out of. Still, there’s plenty of overhead resistance and it didn’t seem like there was any panic buying by the bears. Perhaps a break of today’s highs will do the trick.
No changes to the trend table today.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | LA | Up | Up |
| Intermediate | Down | Down | Down |
| Short-term | Down | Down | Down |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
LA Indicates a Lateral trend
Notice that the fullsto made lower lows. These divergencies are also found in the MACD.
Yikes! Talk about volatility! Almost makes me want to jump into the OEX fray, again…almost.