The bounces continued during the regular session today and into the extended hours session thanks to MSFT. I added the 10-day moving averages to the charts tonight. You can see that they’re pretty good trendlines for the month of January and that they’re just overhead. Barring any big news overnight I think the indices will gap up right around those moving averages and the August lows for the S&P and Nasdaq. I expect sellers to put up a fight in that area.
Finally an upgrade due to the Russell 2000 being so close to its 10-day moving average.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Down | Down | Lat(+) |
(+) 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.
