It’s starting to feel like the movie Groundhog Day, at least for the S&P 500. It tried to sell off once again but bounced off of support to close near unchanged. Back on the 16th I suspected that the S&P was starting another lateral consolidation like it did earlier this month. Well that turned out to be the case. I just wonder if it will breakdown again like it did from the last consolidation. Stochastic is close to giving a sell signal so I think the odds favor it breaking through the bottom of that range.
The Nasdaq chopped around today and closed about a point away from where it opened, making a doji candlestick. That candle shows a stalemate between buyers and sellers and warns of a reversal. It’s also at the upper Bollinger Band and stochastic appears close to a sell signal. All of that is very short term stuff, longer term folks shouldn’t even sweat this stuff and just focus on the longer term trend(s).
QQQQ was heading for new lows on the day but buyers stepped in right at 3:00 and pushed it back to the January high.
|Trend||Nasdaq||S&P 500||Russell 2000|
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend