The last two sessions have certainly been interesting. Buyers rushed in to buy the gap down on Thursday and the exact opposite happened on Friday. Net result was a lot of noise and drama (and no doubt pain for some) just to end up basically where we started. I have to believe that the action over the last two days is a result of people jockeying for position ahead of Tuesday’s interest rate decision by the Federal Reserve. Perhaps we’ll finally be free of this bull/bear tug of war by mid-week. (Speaking of the Fed meeting, I’m taking off until after the meeting, so regular posting will resume Wednesday.)
The Nasdaq had a real short trip above 2,100. As I suspected in the last recap, it tagged its 50-day moving average. That touch of the 50 DMa brorught out the sellers who pushed all the way back into negative territory. The Nasdaq had over a 2% swing (50 points) from high to low on Friday — volatile enough for ya?
1280 continues to act like a magnet for the S&P 500. Since the jobs report couldn’t get us out of the trading range perhaps the Fed can do the trick…
No changes today.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Down | Lat | Lat |
| Intermediate | Down | Up | Lat |
| Short-term | Up | Up | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
