The market staged an impressive bounce late in the day. If the market had closed at 3 PM there would have been a decent about of technical damage on the charts. But that last (half) hour repaired most of that damage. I suspect that late move was short covering and/or expiration related but who really knows…
I think it’s worth watching the Nasdaq’s June – July trendline since it provided support for the second time this month.
The S&P 500 bounce wasn’t quite as strong as the Nasdaq’s (The QQQQ bounce was even more impressive) but it was still a heart breaker for the bears.
The Russell remains stuck in the muck under its June high.
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.
