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Today’s heavy volume break out of the descending channel we have been in the last month primes this market for higher prices. Today was the day to start putting that cash back to work as many stocks are starting to break out of nice consolidation patterns.
As long as this market continues to ignore any drama in Europe and all negative reports here in the US, we can expect bulls to maintain control. Charts and analysis below. Stay frosty.
| 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.
