Hardly what bulls wanted to see today as the market climbed nicely early on picking up over 1% but then reversed into the afternoon as fear pushed stocks down to a flat close. Until this debt ceiling issue has resolved itself the best place for all those not day trading is to be sitting in cash on the sidelines.
Stay frosty out there and I will see you back here for more recaps next week.
Trend Table
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Up | 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.
