The day turned out to be a rather quiet, narrow range, lower volume session. I’m sure the lull in earnings reports had a lot to do with that. So I’ll just call today a consolidation day. The nice thing for the bulls is that volume finally decreased on a down day. That’s a change from what seen for most of the last couple of weeks.
The S&P 500 remains short-term overbought. If/when it pulls back I’ll be looking for support at the blue trendline.
The Nasdaq was practically unchanged and tension mounts to see if it can break free of the February highs. Its 0.11% drop was enough to cause it to slip out of short-term overbought territory.
The Russell’s also not venturing far from its February highs.
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,
I understand you are looking for the pullback to SPY trendline. What about it just rises again w/o touching it?
Right now I am waiting for the pullback to 8 EMA. Is it too aggressive?
Thanks a lot!
Jack,
Given the steepness of the current rise I don’t think the 8 EMA is too aggressive.
As for me & that trendline — I’m not married to that idea. If I see it cool off some (stochastic drops a bit) and then start to reverse I’ll take whatever entry I can get.