We’ve now had two good days in a row for the bulls. Volume declined a bit but was still on the strong side. I think that it’s a good sign that buyers were able to lift the market after a weak start. The way the market’s been acting recently, an open like today’s could have easily turned into a bloodbath. Despite the solid day for the bulls, today wasn’t a rout of the bears. The S&P 500 was sold back underneath its broken August trendline. That’s the third time that’s happened this week. On Monday I talked about the potential for those August trendlines to flip from support to resistance and that’s happened for the S&P.
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Down | Down | Down |
| Intermediate | Down | Down | Down |
| 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.
