Last week was a highlight reel week for bulls. A simple oversold bounce on Monday turned into a decent rally on Tuesday, which became a end of the quarter run up on Wed+Thurs, then exploded for a huge upswing on Friday as Q3 began. Bottom line, the bears were told to “go the f**k to sleep”.
Mark from FundMyMutualFund reports that there were 250+ stocks & etfs that had returns of over 10% last week. 250!
Those investors who were calling for such a move, especially Friday’s upside surprise, are far and few between. Looking ahead, bulls are hoping for only a minor pull back to preserve as much of this advance as possible. Overbought readings will ease, and unless we see some sour economic data in the next few weeks to spoil the party, this market looks like it very well wants to press higher.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Up | Up | Up |
| 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.
