December 8, 2008 Stock Market Recap
The market got some good follow through on last week’s rally which left both the Nasdaq and S&P 500 between their September trendlines and their 50-day moving averages. Given tonight’s warnings from FDX and TXN, tomorrow will be a good test to see if the market can continue to shake off bad news. If the market can keep rallying I expect to see a serious struggle around the 50-day moving averages. On the down side, an obvious target for sellers is to close this morning’s gaps.
No changes
| 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.
Post from: Trader Mike
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