We can safely call today a consolidation day. Volume dropped way off across the board and the indices were mixed. True to recent form, large caps had the biggest gains while small caps were the weakest.
I’m starting with the Russell 2000 today since it’s clearly not acting like the other indices. It’s not having the new highs party that the other indices are enjoying and remains near its February high. The bulls need to make a new high to invalidate that broken March trendline.
Unlike the Russell, the Nasdaq found support at its March trendline last week. Perhaps it’ll get retested after the Fed decision on Wednesday…
The S&P keeps on keeping on…
The trend table remains the same as it’s been for most of the last 6 weeks…
| 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
The increasing prices on declining volume with the S&P is making me think a pullback within the next few days is inevitable, but OBV is still so strong…
It would be so much easier to be an all out bear if OBV was confirming what my eyes are telling me about volume. Oh well.