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Here’s a quick look at the charts. I said I’d try to avoid harping on the light upside volume we’ve had until it mattered. Well, I think it’s starting to matter. OBV, which had been strong despite the light upside volume is starting to break down along with price on the indices. I think the Nasdaq will be key to watch this week. It’s perched at the July highs right now. Tech has been the safe haven for the bulls this summer and If it can’t maintain that breakout things could get really ugly.
The potential S&P double top is back in play as far as I’m concerned.
And the Russell 200 is back beneath its 200-day moving average once again. I really don’t like the looks of that chart, with the 50 DMA under the 200…
Trend Table
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Up | Up | Lat(-) |
| Intermediate | Up | Up | Lat(-) |
| Short-term | Down | Down | Down |
(+) 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.
1 Comment
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Kevin Hoffman
Mike,
I appreciate, I mean really appreciate the actual paramaters you use in Trade-Ideas. The first was is for a long trade and the 2nd for a short trade, right? Again, this is actually what I was looking for, so I appreciate you sharing your knowledge. The problem I sometimes I have with waiting until 10:30 a.m is the oil/natural gas numbers that came out on Wednesday and Thursday that can put a wrench in things. . . Do you ever have that problem?
Thanks, Kevin