Sellers gave it a good shot today but in the end the indices remained in their recent ranges. Volume contracted again today which works in the bulls’ favor. All of the indices have now worked off their short-term overbought conditions (based on my very fast stochastic settings). I’d often use those stochastic sell signals as motivation to play the short side but not in this market. Unless we get some bad news and an increase in volume (never short a dull market) I prefer to just think of the market as not being overbought with renewed potential to move (drift?) higher.
|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.