We got back to normal volume levels today but the result was just more of the same — a narrow range day. The indices continue to hover near the top of their channels and are staying stubbornly overbought. I know I’m being a broken record but I’m still looking for a retracement back toward the bottom of the channels for the indices. There seems to be no motivation to sell just yet though so maybe we’ll just stick in this narrow range until earnings reports start to flow over the next several days…
Trend Table
No changes…
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Lat | Up | Lat |
| Intermediate | Up | Up | Up |
| Short-term | Up | Up | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
