Let’s just call today a consolidation day. Volume contracted and the indices didn’t veer far from yesterday afternoon’s tight range. Trading was so tight that a ton of NR7s were made today. So perhaps were in for some (more) range expansion soon although I’d be surprised if that happened ahead of the long weekend.
My outlook on the indices hasn’t changed much since yesterday. I remain focused on the February gaps just above.
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
My vote is now “yes” for closing the gap. Amazing how the U.S. markets remain behind the rest of the world. China, Singapore, Australia, Spain, Brazil, South Africa, South Korea, Italy, Germany, the list goes on and on of the countries that have already gotten over Feb and March’s hiccups and have pressed on to make new 52-week (and some all-time) highs. (Note: I look at the ETFs for these respective countries). Even our friends to the North are “tickling” the 52-week highs again.