It was a good day for the bulls although the charts show we’ve got a bit of a mixed market. The Nasdaq, and especially the Nasdaq-100 (QQQQ) is moving higher while the S&P is stuck in congestion. Last week I mentioned QQQQ possibly making a double top with its July high. It broke through that level yesterday and now the Nasdaq is in the position the Qs were in last week. The billion dollar question is: Will the Naz follow the lead of the Qs or will it fail miserably?
Watch for a break from the bull flag on the Russell…
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Up | Up | Lat |
| 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.
