We’ve got a big week ahead of us with election results and a Fed (non?)decision hitting Wednesday and payroll data on Friday. The Nasdaq and S&P seem to need some catalyst to get through the resistance of the spring highs. Perhaps one of this week’s news items will give us some direction. My guess is that it will just come down to the jobs data on Friday. In the short term the path of least resistance seems to be down and a bad jobs report may be the only thing that can encourage sellers after the beating they’ve taken over the last couple of months.
For what it’s worth… the financials still aren’t participating in the broader market’s rally. (nothing to see here… move along…)
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Up | Up | 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.
