For all the dramatic moves over the last week or so the market has just been marking time. The indices closed today in the middle of their recent sideways trading ranges. The one thing that has changed over the last week is that the market’s no longer short-term oversold. That tells me that it’s no longer suicidal to initiate shorts. The bear case looks better to me here (see the trend table!) but I’ll be looking to play the break of these trading ranges in either direction.
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.
