Some pent up buying built over the weekend couldn't be sustained over the course of today and instead markets finished near their lows. It was disappointing finish to the day and a poor start for the week after a positive Friday set up.
The Nasdaq gapped higher and did at least hold on to its gap by the close. However, it wasn't enough to stop a 'sell' in the MACD trigger.
The S&P finished with a bearish engulfing pattern, although volume was lighter - so no distribution, which takes some of the sting out of the selling. The index had already registered 'sell' triggers for the MACD and On-Balance-Volume, but there was an acceleration in the relative underperformance of this index to the Russell 2000.You've now read my opinion, next read Douglas' blog.
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Investments are held in a pension fund on a buy-and-hold strategy.
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