from Trader Mike by Michael
The other day I thought that we’d probably need some good news to propel the indices above their 50-day moving averages. It’s debatable whether today’s Fed statement was good news but the buyers liked it enough to push the S&P 500, Nasdaq and Dow above their 50-day moving averages. The Dow had the most impressive move above that line but, like the other indices, it failed to make a new high for the month. It’s often the case that we don’t see the true reaction to these Fed decision days until a day or two later, so I’d really like to see some follow through in the coming days. Closes above the December highs would be a good technical signal.
I didn’t plot Bollinger Bands on the S&P and Nasdaq charts below but the upper bands on both are starting to turn upward. Could it be that we’re in for a Santa Claus rally that walks up the upper bands??? I guess stranger things have happened. I’ve been expecting a massive short squeeze that never seems to materialize, so maybe something like that will help push the market higher.
Financials had huge gains today, yet their key indices are still in bear mode. Here are the Broker Dealer and Banking indices.
There were a lot of people who said that the rally the dollar has enjoyed since July was doomed to fail. It’s starting to look like those folks were correct. The cliff dive the dollar started last week is continuing.
(+) 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
December 16, 2008 Stock Market Recap
I didn’t plot Bollinger Bands on the S&P and Nasdaq charts below but the upper bands on both are starting to turn upward. Could it be that we’re in for a Santa Claus rally that walks up the upper bands??? I guess stranger things have happened. I’ve been expecting a massive short squeeze that never seems to materialize, so maybe something like that will help push the market higher.
Financials had huge gains today, yet their key indices are still in bear mode. Here are the Broker Dealer and Banking indices.
There were a lot of people who said that the rally the dollar has enjoyed since July was doomed to fail. It’s starting to look like those folks were correct. The cliff dive the dollar started last week is continuing.
Trend Table
Lots of improvement today, notably in the intermediate trends which haven’t been better than “down” since September.| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Lat(+) | Up(+) | Lat(+) |
| Short-term | Up(+) | Up(+) | Up(+) |
(-) 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.
December 16, 2008 Stock Market Recap
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