todays market

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September 10, 2009 Stock Market Recap

By Michael on September 10, 2009 6:34 PM | No Comments

A week ago I wrote about the nice technical setup for the bulls. The indices were short-term oversold and were trying to bounce at a point that would make a higher-low. Well that bounce was successful enough to propel the indices to new 11-month highs today. The indices are now in short-term overbought territory and bumping up against the tops of some trend channels (the channel is much clearer on the Nasdaq). I wouldn't be a seller here but I'd prefer to be a buyer closer to the bottoms of those channels. I think this is "hold 'em if you've got 'em" territory.

Trend Table

All the short term trends flipped back to "up" a couple of days ago...

Trend	Nasdaq	S&P 500	Russell 2000
Long-Term	Up	Up	Up
Intermediate	Up	Up	Up
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.