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The market got some good follow through on last week’s rally which left both the Nasdaq and S&P 500 between their September trendlines and their 50-day moving averages. Given tonight’s warnings from FDX and TXN, tomorrow will be a good test to see if the market can continue to shake off bad news. If the market can keep rallying I expect to see a serious struggle around the 50-day moving averages. On the down side, an obvious target for sellers is to close this morning’s gaps.
Trend Table
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| 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.
2 Comments
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Cameron
I really enjoy this. Thank you.
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[...] Monday night I wrote “On the down side, an obvious target for sellers is to close this morning’s gaps.” Those gaps finally got closed today on relatively light volume. While the precentage drops were substantial the volume shows a lack of intense selling. This seems like nothing more than a little consolidation after the big run the market’s had. Now that those gaps are out of the way my attention has switched to the December trendlines and the 50-day moving averages. Those lines are closing in on each other quickly and price will have to break through one of them soon. I’m not seeing enough setups in individula stocks right now to have much a bias but, gun-to-head, I’d be leaning short. [...]
