Daily Market Commentary: Indecision No More!
After a series of light trades on minimal volume the market woke to quite the scare. My suggestion for a tepid decline was done and dusted by 9:30 am as cash markets stepped off the cliff. Bulls will be looking for a rally much like action following previous large day sell offs, but will buyers be willing to step in front of the bus?
For the S&P sharp losses were accompanied with volume almost double the previous day. A 4%+ loss leaves it just 39 points away from the August low retest.
($SPX)
via StockCharts.com
The Nasdaq gapped-and-ran lower, losing over 5%. It's only another 2% loss from the August swing low.
($COMPQ):
via StockCharts.com
While the Russell 2000 gave up close to 6% but still has room to maneuver to August lows.
($RUT)
via StockCharts.com
But one of the key victims is the semiconductor index. Any chance of a bear trap looks dusted. This will only add to the selling pressure in the Nasdaq and Nasdaq 100.
($SOX)
via StockCharts.com
Tech indices are the nearest to August lows and likely to lead lower tomorrow. Watch Futures for leads.
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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com. I offer a range of stock trading strategies for global markets which can be Previewed for Free with delayed trade signals. You can also view the top-10 best trading strategies for the US, UK, Europe and Rest-of-the-World in the Zignals Trading Strategy Leaderboard. The Leaderboard also supports advanced search capability so you can tailor your strategies to suit your individual requirements.
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For the S&P sharp losses were accompanied with volume almost double the previous day. A 4%+ loss leaves it just 39 points away from the August low retest.
($SPX)
via StockCharts.comThe Nasdaq gapped-and-ran lower, losing over 5%. It's only another 2% loss from the August swing low.
($COMPQ):
via StockCharts.comWhile the Russell 2000 gave up close to 6% but still has room to maneuver to August lows.
($RUT)
via StockCharts.comBut one of the key victims is the semiconductor index. Any chance of a bear trap looks dusted. This will only add to the selling pressure in the Nasdaq and Nasdaq 100.
($SOX)
via StockCharts.comTech indices are the nearest to August lows and likely to lead lower tomorrow. Watch Futures for leads.
Follow Me on Twitter
Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com. I offer a range of stock trading strategies for global markets which can be Previewed for Free with delayed trade signals. You can also view the top-10 best trading strategies for the US, UK, Europe and Rest-of-the-World in the Zignals Trading Strategy Leaderboard. The Leaderboard also supports advanced search capability so you can tailor your strategies to suit your individual requirements.
Zignals offers a full suite of FREE financial services including price and fundamental stock alerts, stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock quote watchlists, multi-currency portfolio manager, active stock screener with fundamental trading strategy support and trading system builder. Forex, precious metal and energy commodities too. Build your own trading system and sell your trading strategy in our MarketPlace to earn real cash.
You can read what others are saying about Zignals on Investimonials.com. JOIN US TODAY - IT'S FREE!
