Today the market claimed higher highs again and the NASDAQ is now less than 2% from its 2007 market peak close of 2859.12. Volume was slightly below average.
Yesterday was a key victory for bulls as the market gapped to the downside and rallied on strong volume to close in positive territory. While this is becoming a common occurrence, it should be noted that the day this doesn’t happen is the day to start questioning this unending uptrend.
(Side note: Today I wrote a post supporting the case for how technical analysis can be a powerful indicator of future price performance on StockTradingToGo. Worth a read.)
Charts below. Have a great weekend!
| 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.
