Cash remains king. This market is struggling to find any support and while we are prone for a bounce to work off some oversold readings, unless we start reacting positively again to crummy economic news, we should see lower prices from here.
You know the market is bad when you can find 10 bearish technical setups for ever one bullish setup. Regular readers beware, until this market turns around these nightly charts will be pretty disheartening. Note though the leaders are being monitored and when the market does turn we will be ready to capitalize.
Stay frosty out there.
| 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.
