October 31, 2008 Daily Recap

The Daily DJIA graph shows that the markets are becoming overbought. The problem is that it is on light volume. The volume has been below the 50 day average. The good news for the bulls is that the daily candle was above both the 8 day MA and the 21 day MA. So for the short term it is up.
The S&P 500 is very similar, although the daily close was above the 21 day MA, but the 8 day MA is starting to turn upward. When the 8 day MA move above the 21 day MA we may be starting to go into a short term bull market.The Nasdaq is very similar to the other two items.
Ditto for the Russell 2000.

The long term has been down. The short term is up. Below is the chart for the way the markets are presently going.

	Monthly	Weekly	Daily
DJIA	Down	Flat	Up
S&P 500	Down	Flat	Up
Nasdaq	Down	Flat	Up
Russell 2000	Down	Flat	Up