It was good day for the bulls although the indices are still in their trading ranges. The S&P 500 looked like it was finally going to close above the July highs but late selling pushed it back down. Volume increased over yesterday’s levels which is the kind of action the bulls want to see. Still, I think this is all noise until the trading ranges are broken. I have a feeling that we may have to wait until Friday, post-jobs report, to see if the S&P is going to be able to stage a breakout.
The Nasdaq recovered a good portion of Tuesday’s losses but is still under that wall of resistance at 2,100.
I continue to be on breakout watch for the S&P…
I’m flipping the short term trends for the Nasdaq and Russell back to ‘up’ since they both rebounded above their 10-day moving averages.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Down | Lat | Lat |
| Intermediate | Down | Lat | Down |
| Short-term | Up(+) | Up | Up(+) |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
