Today was a well deserved consolidation day for the market. The S&P 500 and Nasdaq traded in narrow ranges and closed near unchanged. Volume decreased today, which is just what the bulls should want to see. The indices probed the resistance zones I mentioned last night and I’ll continue to keep an eye on those levels…
Trend Table
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Primary | Down | Down | Down |
| Intermediate | Up | Up | Up |
| Short-term | Up | Up | Up |
(+) 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.
