We had some very interesting developments today as a lot of indices broke through multi-month resistance levels on good volume. I must admit that I’m surprised at the timing of this move. If it was gonna happen, i would have thought it would have occurred yesterday post-Fed and election results or tomorrow, post-jobs data. My only question now is “will it hold?” There’s a possibility that today’s gaps are exhaustion gaps — perhaps the last bit of panic buying by bears. The reaction to tomorrow’s payroll report may reveal whether today’s gaps are of the exhaustion or continuation variety.
Financials are finally participating. They broke free of their multi-month range today on increasing volume. This could really spark panic among any bears that are still standing.
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.
