This is an update to the current Chart In Focus, "Focus on Lower Bollinger Bands," which debuted yesterday.

S&P-500, Dow Industrials, Nasdaq-100 Bollinger Bands

The bulls will undoubtedly be happy to note that they've passed their first test since the breaking of the 20dMAs yesterday. So far, the lower bands have provided support and the small gains seen on the indices today have ensured that the lower bollinger bands have stayed flat - or even risen slightly.

If the lower bands continue to stay flat (or start to rise) and if the indices can move above their 20dMAs (actually NDX has managed to do so already today), then we may just see a bollinger band buy signal, in the form of support from the lower band. And, if the bands can then start to expand, which one would expect they would, given their current state, a new trend could take shape.

So, as far as the bears are concerned, they're only chance lies in the indices staying below their 20dMAs and for the lower bands to somehow start to move out of the way. It will take a big down day tomorrow or on Friday, in order for that to happen, one would imagine.

That aside, the minor trend is still neutral, at the moment, and as such not the greatest backdrop for swing trading. Fret not, that will change very soon.