The Market Overview for today (Yahoo Finance): In mid-afternoon trading, the Dow Jones industrials average is down 33 points, while the tech-heavy NASDAQ composite index is up 8, and the S&P 500 is lower by about 6 points.
A kind of weird reading on those averages – pretty much a standstill at this point. Let’s see if the NASDAQ picks up by the end of the day, as it did yesterday for the biggest gains in a year.
Borrowing some thoughts from AfraidtoBlog.com, we’re are still technically on a downhill pattern, according to Corey Rosenbloom’s charts on Mirror Image. There were no milestones in prices.
S&P takes special mention, behaving typically by way of Fibonacci retracements. In Thursday’s action, price met resistance at 38 percent retracement.
Corey says that a bullish sign on indexes is still not in the horizon, unless price breaks above the 50 period moving averages – making a higher swing.
Since that’s not yet happening, its still a wait and see day with the odds favoring movement southward, or downward.
Recapping some of what Corey has said in layman’s terms, the indexes are mixed and there’s really no winner hear – neither the bears nor the bulls.