It was a pretty quiet day aside from the Dow’s attempt at 14,000. The S&P and Nasdaq took a break from their big run last week. I’m sure the action will pick up with all the news that’s due out this week… along with options expiration.
The Nasdaq’s clinging to the top of its channel. We shouldn’t be surprised to see it pullback into the middle of that channel in the near future. In fact, I think that would be healthy. The bulls shouldn’t want to see this rise get too steep.
It’s a similar situation for the S&P…
The Russell took a pretty good hit 0f 0.85% today.
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
*** I’m simply using the indices’ relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
