The Market Continues to Fall
The negative trend continues
Hi everyone,
Let’s dive right into today’s (Thursdays’s) action. We’ll cover the general market and then individual stocks that are standing out.
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The General Market
Today the market continued its negative action after the Fed Rate announcement.
The QQQ closed down 1.23% following through from the negative outside day. Net new lows increased on the nasdaq.
The SPY finished down 0.84%. The NYSE continued to make new net lows.
The IWM was the worst performer, down 2.25%
The VIX is back above all its moving averages.
The T2108 is below 20%
The McClellan Oscillator is back in “oversold” territory
Trends (4/4 Down)
Short-term: Down (Below a declining 5 sma)
Intermediate-term: Down (below a declining 21 EMA)
Mid-term: Down (Below a declining 50 sma)
Long-term: Down (below a declining 200 SMA)
Overall Thoughts
The trends remain down, however, I would not be surprised to see a short-term sharp rally sometime soon. Market breadth continues to decline and this is a volatile and unhealthy environment.
Most traders would do best sitting on their hands and waiting for setups to appear and the market to stabilize.
We’ve seen the stocks that were holding up get hit and other weaker names continue to make new lows.
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Have a great week!
-Richard