I have to give the win to the bears today. The Dow and S&P 500 both rallied to their 50-day moving averages early in the day but sellers stepped right in to push them back near unchanged. Meanwhile the Nasdaq was in the process of giving up all of last Thursday’s gains. There wasn’t much volume behind any of those moves though so I don’t want to read too much into today’s action. However, I am still finding more potential shorts than longs in my scans…
The Nasdaq is down over 3% the last four days and is just above trendline support. I can see it getting a bounce here. I’m looking to play the break of either of the blue trendlines on the chart:
I’ll be watching the June lows on the Nasdaq-100 (NDX / QQQQ) closely:
It’s not surprising to see the S&P bounce between its 50 and 200-day moving averages. I’m looking to get short under the 200-day and long above the ‘fiddy’.:
no changes today
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Down | Up | Up |
| Intermediate | Down | Lat | Down |
| Short-term | Down | Up | Lat |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
Those are some awful looking OBV reads! Yikes…