The bulls supposedly didn’t get all that it wanted from the Federal Reserve today but you’d never know that by looking at the charts. Technology & the Nasdaq continue to lead the market higher, with the Naz making a new high today. That new high even came on strong volume for a change.
The S&P is approaching resistance from its all-time highs again. Will the third try at this zone be the charm? Some might argue that the index is making a cup & handle here. If it is, watch for the breakout.
The potential breakout looks more impressive on the long term chart — 800 points down = 800 points up from here? Or will resistance hold?
The small caps continue to bring up the rear…
| 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.
