Selling Accelerates; Measured Move Targets Still In Play
Sellers again stamped their authority on markets with significant pushes lower which completely erased the weak buying of Tuesday. Markets remain on course to reach their measured move targets. The index closest to doing so is the S&P.
No surprise to see technicals for the S&P net negative although the index continues to outperform speculative Small Cap stocks. Volume climbed to register distribution, an additional confirmation for today's selling. Once the measured move target is reached - likely tomorrow - next up will be the 200-day MA.
The Nasdaq also took a big hit as it undercut yesterday's selling on higher volume distribution. Unlike the S&P it still has plenty of room to run before it gets to the measured move target or its 200-day MA. A trade opportunity may still be there for those looking for a shorting opportunity.You've now read my opinion, next read Douglas' blog.
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