It was a tricky session today. I tried a gap fade on the QQQQ early on which got stopped out at break-even. Then I took some longs (CHS, HET, SONC & CRM) which worked well until about noon. Then my trailing stops started getting hit as the indices reversed from resistance. The result was a good day for my broker because all I did today was generate commissions.

The levels I pointed out this morning on the Nasdaq and S&P 500 turned out to be almost the exact tops for the day. Although the indices managed to close up on the day they closed well off the highs and below where they opened. I call that a win for the bears.

Volume shows that there wasn’t much enthusiasm for the early pop on the Nasdaq. The index remains contained by its 10-day moving average for the sixth straight session…

A slight change from my “1280″ broken record routine — today it was 1,278.90 that capped the S&P. Fun times.

Trend Table

No changes today

Trend Nasdaq S&P 500 Russell 2000
Primary Down Lat Lat
Intermediate Down Up Lat
Short-term Down Down Down

(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend