Another strong session for the market but volume was very low and is a cause for concern. The end of the quarter is upon us and this quick upswing could simply be window dressing. To quite the skeptics (one being myself) I’d like to see two key events take place:
- The S&P 500 close above 1300 for atleast two straight sessions.
- A heavy accumulation volume session for both the NASDAQ and S&P 500.
Until then I am maintaining a large cash position and trimming any new position sizes just in case this party decides to end abruptly. Hope this upswing is treating your portfolio well. Stay frosty out there!
| 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.