Weekly Market Commentary: Long Term Trends Crack
No real surprise to see market rallies which kicked off in March 2009 come to a bitter end in one of the worst weeks for the markets. The S&P finished the week with a low just above a former resistance level - turned support - of 1,062. ($SPX) via StockCharts.com The loss was more stark in the Nasdaq which gave up almost 8% on the week. Drawing in Fibonacci retracements sets two targets; former resistance turned support at 2,020 (61.8% @2,050) and 1,759 (3.2% @1,751) with a seasonal timeframe of September/October for the lows. Nasdaq via StockCharts.com The Percentage of Nasdaq Stocks above the 50-day MA had a shocking 58% decline on the week; jumping from overbought to oversold in short order. But technicals will have to do likewise before a bottom of consequence is in place. For now there is a 'Confirmed Sell' trigger ($NAA50R) via StockCharts.com The same was true for the Percentage of S&P Stocks above the 50-day MA as it lost 79%. The closest decline t