The Nasdaq finally took a break from leading the way up today as it closed down a few points while the Dow and S&P 500 closed up on the day. All of the moves were relatively small on a percentage basis. That kind of range contraction isn’t surprising after the big gains of the last week. However, I don’t expect that contraction to last long given all the data and earnings reports that hit this week — not to mention options expiration.
Charts of the Nasdaq, S&P 500, Russell and ExpressJet Holdings, Inc. (XJT) are below…
The Nasdaq fell today but still managed to close above its upper Bollinger Band.
The S&P took out the December intraday high so I’ve drawn a new trendline through “the highest minor low point preceding the highest high“.
The Russell tested and fell back from the December highs again…
And here’s ExpressJet (XJT) by request for Terry. It’s clearly very strong right now but may be getting a little overheated in the short term.
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Up | Up | Up |
| Intermediate | Up | Up | Up |
| Short-term | Up | Up | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
good call on the R2k Chart, looks like it will not break 800 on good volume, when it finally does, I think I’ll pick up some options, until then it’s a sellers paradise on the premium.