Note: I’m taking off for a long weekend. Look for the next post Monday morning.
Well the Fed decision turned out to be anticlimactic. After initially building on the day’s rally the market rolled over and ended right back in the range its been in for about a week. Volume picked up but I wouldn’t make too much out of that since the previous sessions had very low volume. So the market remains in limbo for now awaiting something to move it one way or the other. Perhaps Friday’s nonfarm payroll report will do the trick…
Supposedly the post-Fed action was driven by moves in the dollar. While I was annotating the dollar chart last week I was wondering whether I should mention the 50-day moving average. I decided not to because the ‘fiddy’ hadn’t meant much recently for the dollar. Well that’s changed because the dollar’s been struggling with the 50 DMA the last four sessions. It’ll be interesting to see which way it finally breaks.
The Nasdaq slipped back beneath its February high.
Another up-thrust for the S&P as it tried 1400 again.
some minor downgrades today
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Primary | Down | Down | Down |
| Intermediate | Up | Up | Up |
| Short-term | Up | Lat(-) | 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.
