We can safely classify last week as low volume consolidation and I expect the low volume will continue this week. I don’t know whether the market will stay in this narrow range though. The indices seem primed to break out of the bull flags they’ve printed over the last 6 or seven sessions. I’m also seeing flags and descending triangles on a lot of individual stocks. So there are a lot of bullish setups out there, I just don’t know if I’d want to trade them in this low volume, choppy environment.
Here are charts of the Nasdaq, S&P 500, Russell 2000 and the Banking Index (BKX) which is showing some relative weakness vs. the S&P:
No changes today.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Down | Lat | Lat |
| Intermediate | Lat | Up | Lat |
| Short-term | Up | Up | Down |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
