Fueled by news that Greece was one step closer to accepting further austerity measures and thus receiving more capital to postpone their inevitable default, the market had another nice session. The S&P 500 broke free of its 1300 resistance and both the NASDAQ and S&P are now sitting < 1% below my next target prices (the 50 and 100 MAs).
Taking a more conservative approach, I am letting this week close out and waiting to see how Q3 starts up next week before taking any aggressive action (ie looking for opportunities to get above the 50% net long threshold). See you back here tomorrow.
| 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.
