Week 44 Mid-Week Trending Update
Here are how the major markets are trending.
No change in the S&P 500. Still trending short-term bullish with price also above 50-day moving average.
No change in the Dow Jones. It is trending short-term bullish, and price is above both the 50-day and 200-day moving averages.
The NASDAQ price dipped below its 10-day moving average showing some weakness.
Same with the NASDAQ 100.
The Russell 2000 is still trending short-term bullish, and the price has crossed over the 50-day moving average.
The Emerging Markets price crossed over its 10-day moving average.
The All-Country World Index remain short-term bullish, and the price also remains above the 50-day moving average.
Here is the S&P 500 chart.
The price remains between the 2 support/resistance bands of 3825 and 3917. The 2 trading days this week were down days but not substantial enough to change the trending which is up for now.
Here is the QQQ chart.
For QQQ also, the price remains between the support/resistance bands of 268 and 284. The price did dip below its 10-day moving average as we saw earlier. So, this one is weaker.
Today is the Fed funds rate decision. While everybody seems to know what to expect from the actual rate perspective, the narrative may turn out to be key. Looking at the trending, I am still playing for upside for now.