Nasdaq losses accelerate
The potential 'bear traps' quickly stalled and sellers again returned to the fore. Selling in the Nasdaq undercut the lows of the 'bear trap' with a finish on the low of the day. There was also a 'sell' trigger in On-Balance-Volume. The wide intraday bar marks a change in the action since the beginning of this rally in November and today's volume marked a return to distribution,.

Action in the Nasdaq has directed itself towards a period of more sustained selling, although the Russell 2000 remains in denial. None of this is unusual for a rally of this maturity (in the context of its run from November), so it's more of a question as to where swing lows may be established; for the S&P and Russell 2000, this is likely to be mid-line stochastics, although the Nasdaq may instead turn oversold before it reaches its low.
You've now read my opinion, next read Douglas' blog.
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