The Nasdaq s Trend Has Shifted Only one major index now remains in a downtrend.
There was one technical event of note for the major equity indices Wednesday.
The Nasdaq Composite closed above its near-term resistance and short-term downtrend line and that shifted its trend to neutral from bearish.
Overall, we find the short-term index trends staying a mix of bullish and neutral implications with only one remaining in a downtrend. Cumulative market breadth has yet to turn positive while the bulk of the data, with the exception of the weekly sentiment numbers, remains neutral.
Let s dig a little deeper on the charts and data.