The indices gave back some of their recent gains today on decreasing volume. The selling seems to just be a normal retracement and the typical back & forth we see as the indices try to break though important (popular) moving averages. The Nasdaq chopped around its 200-day moving average today while the S&P slid back under its 50-day moving average. If these pullbacks continue I’ll be looking for support at the July trendlines.
Trend Table
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Lat | Down | Up |
| Intermediate | Up | Lat | 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.
