The market closed higher today but the gains did little to improve the technical picture. I’m seeing offsetting developments in the charts — the indices flashed some stochastic buy signals today but are also showing stalling patterns. The declining volume over the last two sessions confirms the consolidating / stalling price action. But it also shows that buyers are not motivated to step in at these levels.
Trend Table
No changes
| 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.
