The market’s see-saw action continues as we snapped back higher today on lower volume. I am still skeptical of any upside due to the over obvious 200 MA support continuing to hold up and that lack of a “panic” selling to trigger a proper bottom. If we do break higher then the 50 and 100 MAs (close by one another) which are roughly 2.5% higher on the NASDAQ seem to be the most obvious price targets.
Trend Table
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Down | Down | Down |
| 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.
