I’m really going to have to consider taking Friday’s off again. It seems like the vast majority of Fridays are lackluster just like last Friday. The indices just chopped around and closed near unchanged on lower volume. It is interesting to note that after a few weeks of either the S&P or Nasdaq outperforming the other they are both right near their middle Bollinger Bands. In fact, the Dow and Russell 2,000 are at their middle Bollinger Bands as well. So the indices appear to be realigning now. There’s a Federal Reserve interest rate (non?)decision on Wednesday so perhaps the reaction to that will give a clue as to whether the indices head toward their upper or lower Bollinger Bands next.
Charts of the indices are below…
I’ll be paying attention to that downward sloping trendline, especially if it stays unbroken and crosses the 50-day moving average. Those two lines could become significant resistance.
The S&P is trying to stabilize after Thursday’s big drop. Once again it’s threatening to break its multi-month trendline.
The Russell continues sideways….
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Up | Up | Up |
| Intermediate | Lat | Up | Lat |
| Short-term | Down | Down | Down |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
And what would you do on Friday’s? Golf?