Trend Remains To Be UP

As the month of August reached the half way point, the statistically to be one of the worst month of the year is up so far as measured by the SP500. Even the worrisome small cap index, the Russell 2000 is up for the month. Of course, there’s still half a month to go and anything can happen between now to the end of the month.

The month started out with the continuation of the pull back started near the end of July. Many market talking heads were calling for the overdue (never give up) 10-20% correction. And once again, that correction did not materialize. Instead, the SP500 pulled back less than 5% and continues with its long term uptrend toward its all time high.

Here are the weekly charts without any moving averages, oscillators or other indicators for the SP500, DJIA, Nasdaq Comp, Nasdaq 100, NYSE Composite, and the Russell 2000.

SP500:



DJIA:



NASDAQ COMP:



NASDAQ 100:



NYSE COMPOSITE:



RUSSELL 2000:



These charts clearly show the trend is UP. Until this trend has been violated and showing the trend has reversed, one should either remain long or be neutral.