There are clearly a lot of people watching the August lows on the S&P and Nasdaq. Those indices see-sawed across those levels today, ending just above their August support levels. I believe that those August lows came on all-time high volume and today got real close to matching those volume levels. In August the indices plunged, reversed hard and closed near the highs of the day and in positive territory. That created candlesticks with “bottoming tails”. Today the indices closed near their opening levels and printed upper wicks similar in length to their lower wicks. Those candles are more indicative of a stalemate than a clear reversal. My view hasn’t really changed from all that I wrote last night.
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.
The stock market sucks
and so it begins. I need to start tracking my “stock market sucks” indicator
Mike,
When you have extra time, would you please let us know if your trading setup has changed at all now that you’re using TOS (e.g. E-Signal, TI, etc.)?
Have a nice couple of days off,
GH
I will. I’ve been meaning to re-do that post for a while now. I switched from eSignal to QuoteTracker almost a year ago.
It’s interesting to watch the comments on Twitter. Tracking words like “crash”, “1929″, “market”, “stocks”, “dow”, etc…the Twitter crowd is a buzz as to how a tanking market will affect “web 2.0″ VC and their jobs (loads of tech workers on Twitter).
Twitter is a gold mine of pop psychology from people not directly in the market.
~ Keith