Daily Market Commentary: Bears Try Again
Tuesday's late day selloff was controlled by the tumbling energy sector , although volume was not excessive. The uncertainty undid all of Thursday's gains for the S&P but there is still the spike low at 1,040 to look too for buyers. ($SPX) via StockCharts.com For the Nasdaq, it was back to the 200-day MA and into Thursday's breakout gap. ($COMPQ) via StockCharts.com But the Nasdaq 100 held up well, holding above the breakout gap although it was repelled by the 20-day MA. ($NDX) via StockCharts.com The Russell 2000 fared poorly with relative strength shifting away from speculative issues. This is bad news for bulls looking for a build in momentum; a flight to safety isn't the stuff of bull markets. But the 200-day MA offers a 10-point buffer of support which may be enough room for buyers to mount a challenge. ($RUT) via StockCharts.com Tuesday was the reaction to a long weekend of bad news; bulls will be thankful Wednesday is just a single day! It