On 9/28 our social media indicators were warning of lower prices for the indexes. Today they are trying to clear those warnings. Here are the updated charts.

Small caps (IWM) were the first to warn and the first to break back above the confirming down trend line. Bargain hunting and short covering have helped small caps recently.

Nasdaq 100 (QQQ) has broken the trend line, but is having trouble gaining traction with 7 day momentum on both Twitter and StockTwits. It is barely bouncing above the zero line, but should trend upward if the intra-day readings from our algorithm hold into the close.

The S&P 500 (SPX) is still confirming the downtrend and today’s intra-day readings are more tepid than QQQ. As I mentioned in the weekend update I’d like to see higher highs in 7 day momentum for confirmation that the uptrend has resumed.