Despite the light volume selloff today the bears were able to do some technical damage to the S&P 500 by breaking its July uptrend. It’s looking like a retest of the July low could be in the cards if the bulls can’t defend support around 1250.
The Nasdaq looks a little better since it’s still above its July trendline and its 50-day moving average.
Trend Table
The “downs” are starting to dominate the trend table again…
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down(-) | Down | Up |
| Intermediate | Up | Down(-) | Up |
| Short-term | Down(-) | Down | Down(-) |
(+) 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.
Hey Mike,
I’ve been watching your moving average data for a few weeks now and the market volatility is really scary. I’m a buy-and-hold investor so I’ve been waiting patiently for the market to turn but it has been a wild ride. Looks like there are quite a few potential bumps in the road ahead as well. Good luck with your trading and great post, love the market recaps, they contain a lot of valuable info.
Cheers,
Odd Lot