The Market Falls Even Further
What will happen next?
Hi everyone,
Let’s dive right into today’s (Fridays’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 the negative trend today and finished the week near it’s lows.
The QQQ closed down 1.63%. Net new lows increased on the Nasdaq. The close today was off lows which is a slight positive.
The SPY finished down 1.68%. The NYSE continued to make new net lows.
The IWM was down over 2%
The VIX jumped sharply intraday
The T2108 is quite low and dropped near 10%
The McClellan Oscillator is even deeper into “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 and market breadth further deteriorated today. We are approaching the year’s lows on most indexes. We have been down sharply for 3 straight days now.
I would not be surprised to see a sharp countertrend rally but this market is extremely volatile and week. Be very nimble if you are trading.
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Have a great week!
-Richard
Thank you, Richard
Do you follow the A/D line and NH/NL's?
What numbers would you consider a healthy indicator. Maybe over 50%.
this is why I hate reading other people's stuff. It's down or its up today. Its gonna go up or down tomorrow.