Last night on StockTradingToGo I posted a great chart of the NASDAQ which is sitting right below its 2007 highs. I also broke down the S&P 500 and Russell 2000 relative to their 2007 highs.
Today the market had little volatility but the NASDAQ traded higher than average volume, claiming a fresh distribution day. Two more consecutive distribution days without any accumulation days will mark a CANSLIM signal to start raising cash, tightening stops, etc. Both the NASDAQ and S&P 500 still continue to sit ok technically speaking. The S&P 500 remains in its uptrending channel and the NASDAQ is holding ground above its most recent breakout through 2766.
| 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.
