One step forward, two steps back. The only consolation to today was that trading volume was down on yesterday's. The Nasdaq is holding circa 14,900 support whie the S&P was able to find buyers around its 50-day MA - but not before it undercut breakout support. Meanwhile, the Russell 2000 didn't make it past neckline resistance.
Despite the loss of breakout support the S&P has two chances to recover the losses; the first is where the index finished today - at its 50-day MA, the second is channel support - currently around 4,650. We do have 'sell' triggers in the MACD and On-Balance-Volume, but momentum remains on the bullish side of the midline.
The Nasdaq undercut rising channel support but did defend the swing lows from December, but just as triple tops are a rarity (i.e. breakouts usually occur on the third test of the double top), we have to consider we won't have a triple bottom - so look for a test of the 200-day MA. Technicals are net bearish and there is a sharp loss in relative performance against the S&P.
You've now read my opinion, next read Douglas' blog.
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