It was a mixed consolidation day today. The broader indices like the Nasdaq, S&P 500 and Russell 2000 were down slightly while the Dow was up slightly. I said this morning that I was watching for Friday’s range to be broken and I’m still waiting. Actually the S&P and Nasdaq did break Friday’s ranges but not by much and they both closed within Friday’s range. We’re clearly in a range contraction phase and I’ll be looking for expansion once these narrow ranges are broken.
The Nasdaq continues to hover just above the late 2006 highs. I’ll be watching that support line closely this week…
The S&P is hanging tough at 6-year highs…
800 was solid resistance for the Russell 200 on the way up so it should become support.
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
What do you think is in store for the S&P 500 this year?
Nagel
I have absolutely no idea