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.
Judging from the NASDAQ and SPX Index most likely expected reversal of the trend upward, as the chart drew the letter W…
But it could be the continuation of the trend down?
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.