The S&P 500 has finally closed above the infamous 1280 level.
The S&P 500 has finally closed above the infamous 1280 level.
That was for Kirk — count me for 3. \:d/
The S&P closing above the July high was the big story of the day. Despite questions about the legitimacy of the PPI data the bulls kept right on buying today. Now if we can just manage to not give all the gains back tomorrow after the CPI we might be on to something.
The Nasdaq improved its technical picture today by jumping above the May – June downward sloping trendline, its 50-day moving average, the 2,100 level, and its upper Bollinger Band. And it did all of that on increasing volume. If those darn fundamentals / economic data don’t get in the way it may be clear sailing up to the 200-day moving average.
The S&P finally closed above 1,280 and notched its highest close since early June. The pattern since June looks like a cup & handle or a reverse head & shoulders…
The Russell 2000 gained over 2% today as is rose above its trendline and its 50-day moving average. It’s still locked in congestion though.
Good day for the Dow, even if it couldn’t close above the July highs…
Lots of upgrades today…
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Down | Lat | Lat |
| Intermediate | Lat(+) | Up | Lat |
| Short-term | Up(+) | Up(+) | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
