Another big day for the market as the only resistance left in sight is now 52 week highs. The NASDAQ is up 8.3% the last eight sessions with the S&P 500 up 6.7% over the same period.
With the NASDAQ less than 1% away from its 52 week high of 2887.75, it’ll be interesting to see if we really test this level prior to the inevitable pull back looming. Breaking above this mark before a pull back would be ideal as it would draw in one last splurge of fresh buyers (aka suckers). Stay frosty out there and I will see you back here next week.
| 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.
