I’ve got to run to a meeting so I’m going to keep this shorter than usual. We had a complete change of character today as the small(er) caps led the way. The larger cap indices ended the day near unchanged while the Russell 2000 was up 1.2%. I guess we’ve got a bit of rotation on our hands.
Anybody who had on CNBC today knows that the S&P 500 was probing its old all-time closing high. It closed about two points shy of that mark. The index is showing signs of being short-term overbought so it’ll be interesting to see if the bears can muster anything more than another one day selloff. I wouldn’t bet on it.
The Nasdaq made a new multi-year high today but the volume was uninspiring.
A big day for the Russell which brings it right back to recent resistance near all-time 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
