The market continues to throw curve balls and today’s was a tough one to swallow. Nearly every breakout yesterday reversed on itself today as the theme turned into damage control by mid afternoon and the market had its worst session since February 22nd. Tight stops and/or a disciplined finger were the only successful defenses today.
While this puts the bears back in control, I am curious to see what happens over the next few sessions. Stay frosty out there and keep a close eye on the leaders for clues. Some strong stocks held up fairly well despite the drama (AAPL, SINA, AMZN, CMG, etc.). Read this post for help with forming a proper watch list during a tough market.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | (-) Down | (-) Down | (-) Down |
| Short-term | (-) Down | (-) Down | (-) Down |
(+) 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.
