The long term trend is still up. But both leaders monthly candle for August 2013 are in the red, with Dow showing more weakness than the S&P. Monthly moving average seldom cross. If it does, it can last for a month to three months during a dip in an uptrend.
The intermediate term is in its mid-term down trend. S&P is still slightly more resilient than the Dow.
As mentioned last week, Dow and S&P doesn’t like to stay overbought, and a rally took place on Thurs and Fri last week. Dow is still struggling to reverse into a short term uptrend, but S&P has already confirmed a short term reversal is happening.
VIX (Fear index) weekly is still in a mid-term up move, but with VIX daily reversing into a short term down move as it reaches the top of its green box.
Summary:
Long term view:
Monthly trend is UP. (Possibility of a cross, but be weary of trap)
Mid term view:
Weekly trend is DOWN. (Possible reversal in the making if the daily price continues its rally)
Short term view:
Big brothers in short term up trend, with some room to move further upwards. If it can break through and stays above its resistance, it confirms the mid-term trend reversal. As such, I am on the bulls’ side until otherwise proven wrong.
Cheers
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NOTE: All information provided “as is” for informational purposes only, not intended for trading purposes or advice.