Today was about as big of a rally as you’ll ever see, yet the charts still look horrid. The 5% gains on the Nasdaq and S&P 500 only recouped a portion of the steep losses from yesterday, not to mention the losses for the month & year. It’s interesting that the Russell 2000 lagged today with *only* a 3.3% gain given that it’s been showing such strong relative strength. People were buying the most beaten down stocks as opposed to the ones which had been performing best. As a result T2108 only rebound back to 14.10. The bear hasn’t been beaten back much as of yet.
I imagine we won’t see much follow-through in the market until we get a “bailout” plan from congress that the market actually likes. Hopefully that plan will come sooner rather than later and we can get back to some kind of normalcy by earnings season.
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| 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.
