August 31st 2011 Stock Market Recap

The market finally met some resistance today as the NASDAQ climbed above 2600 after an opening upside gap then reversed back to a flat close. Volume was a bit higher and with a spread of economic data due out the next two days we should expect some volatility the rest of the week.

Interesting Reads: CEOs earned more than companies’ tax bills, US government sues to block ATT T-Mobile merger.

Tomorrow’s economic calender:

Stay frosty out there!

Trend Table
Trend Nasdaq S&P 500 Russell 2000
Long-Term Down Down Down
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.

Comments

  1. Posted by Paul on September 1, 2011 at 1:59 pm

    Judging from the NASDAQ and SPX Index most likely expected reversal of the trend upward, as the chart drew the letter W…

  2. Posted by Paul on September 1, 2011 at 2:03 pm

    But it could be the continuation of the trend down?

  3. Posted by Blain on September 1, 2011 at 5:32 pm

    Reversal was the correct call today, after stalling out yesterday and the overbought readings, a cool off is welcomed at this point. Let’s just hope it is contained and we can move back up sooner than later without testing any intermediary support levels on the downside.

Trackbacks

  1. [...] week’s final recap on Wednesday I noted that buyers were exhausted and we should expect a pull back. Thursday and Friday saw [...]