Friday capped off a great week for the bulls. For the week the Nasdaq was up 4.9% and the S&P was up 4.3%. However, the bulls weren’t able to end the week above the resistance levels we’ve been watching since early February. The market gapped right to resistance at the open on Friday and then went nowhere. Another shot of good news with the market perched right here could break the backs of the bears and cause a buying (to cover) panic.
Gold is finally showing signs of doing what I thought it might back on April 10th:
|Trend||Nasdaq||S&P 500||Russell 2000|
(+) 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.
Post from: Trader Mike's Blog