It was a positive day for all the major indices today but the technical picture is largely the same as it was last night, despite the minor improvements in the trend table below. As the charts show, the Nasdaq and S&P 500 still seem to be building triangles. The biggest technical development was the Nasdaq touching its 50-day moving average. It needs to break through that line as well as its January downtrend in order to get me thinking that it could actually be headed somewhere besides sideways.
Some minor improvements today…
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Lat(+) | Down | Down |
| 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.
Hey Mike,
I posted a link to your 2/2/2009 post regarding “coiling” on StockTwits. It helped remind me that I really shouldn’t be trading in this current range.
I got some feedback that people liked it and they asked why you weren’t on StockTwits. You might want to think about posting links to your new blog entries there.
Anyway, hope you are doing well and trading well.
Take care,
Steve
Hi Steve,
Thanks for the plug on Twitter/StockTwits. I guess you could say that I am on StockTwits but I never think to use it. I’m TraderMike on Twitter.