The markets staged an impressive rally, today. The major indices rose from 2.3-2.5% on higher volume. The markets have confirmed a short-term range-bound situation after today’s action.
S&P 500 Daily Chart
The S&P 500 held support for three days last week and rallied to the broken neckline today and well into the range established in May. The NASDAQ Composite rallied into the heart of its trading channel and the moving averages are flattening and converging.
NASDAQ Composite Daily Chart
The action staved off a bearish breakdown and placed the markets into a trendless situation on the daily charts, but the long-term charts remain bearish.
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I am an amateur trader and investor with over 15 years experience in the stock market. I was bred to be a fundamentalist and followed fundamental analysis until 2009. Following the 2007-2008 bear market, I began to shift from a buy-and-hold strategy to trend-following techniques.