Great price action today for the bulls but it wasn’t the most impressive 1.5% rally I’ve seen. That’s because of the light volume today. I have to wonder if people (bears) are just stepping aside ahead of the Fed meeting next week. Whatever the case, I can’t argue with the price action. The indices established intermediate-term higher highs today so the bulls have the upper hand (hoof) for now.
Trend Table
A few improvements today:
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Up | Up(+) | Down |
| Intermediate | Lat(+) | Lat(+) | Down |
| 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.
The volume was very light considering such a huge move today. This was the weakest volume on the Nasdaq in quite some time. Volume will likely be much higher tommorrow.
Hopefully, we really get those bear frappacinos!
:d