This morning’s new housing sales data caused 30 minutes of pretty good selling. For a while it looked like the market was going to give back all of the post-Fed rally but that wasn’t t be. The market went into recovery mode for the rest of the day and ended the day near the top of the recent narrow trading range. It was an impressive showing by the bulls given that the indices are overbought and that the S&P and Nasdaq 50-day moving averages were broken on that early drop. Let’s see if they can follow through and breakout of these ranges tomorrow.
Trend Table
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
Hi Mike,
This trade ranges are really crazy!
We never know what to expect from them, specialy with this timid volume.
It would amaze you how our Brazilian Stock Index (Bovespa) reflects the DJIA.
Here we have the very same situationg (trade range) and I agree 100% with market direction indication.
It would not surprise me to see new record highs in the next couple weeks.
[]‘s
DrFox