(Important: There will be no market recaps the next two weeks as I will be leaving the market behind and traveling instead. I will post a reminder tomorrow as well but posting will resume the week of the 26th!)
Another day of volatility and changing directions for the market. Nothing too significant took place as the market bounced around in speculation mode.
An hour ago the President finished his speech proposing a massive $450 Billion stimulus. How it will be paid for? Well, that is all in the magic of Washington…
And as for tomorrow, beyond reacting to tonight’s speech we have July wholesale inventory numbers due out at 10 AM. Should be an interesting session to wrap up the week. Stay frosty out there!
Today’s market recap is sponsored by
Chaikin Power Tools.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Up | (-) 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.
