20:17
Unknown
Indices were under selling pressure after opening higher.
S&P 500 @ 1857.44, low 1849.69, high 1873.34
RSI @ 52.12
CMF @ 0.060
Internals were :
Down volume led by 1.87 to 1 in NYSE & 3.58 to 1 in Nasdaq
Declining stocks led by 1.66 to 1 in NYSE & 3.13 to 1 in Nasdaq
Net new 52 wk highs were leading by 43 in NYSE & by 4 in Nasdaq
VIX UP .60% @ 15.09
Oil @ $99.60
Gold @ $1311.60
AH Futures UP
AH Asian Markets mixed
AH Oil Down
AH Gold UP
About market, TAPE was subjected to selling pressure. We are experiencing a "technical breakdown" in majority of high beta stocks which does not bode well for Nasdaq. Carter Worth is predicting a 13% correction in Nasdaq, his target is 3800 for Nasdaq. Sometimes we go through a major shift in market & this may be one of those situation. Do not be euphoric by a snapback which may happen on Tuesday, this is a normal TAPE action on its way to lower close in the week.
BLOG does NOT give buy or sell.
Saleem
S&P 500 @ 1857.44, low 1849.69, high 1873.34
RSI @ 52.12
CMF @ 0.060
Internals were :
Down volume led by 1.87 to 1 in NYSE & 3.58 to 1 in Nasdaq
Declining stocks led by 1.66 to 1 in NYSE & 3.13 to 1 in Nasdaq
Net new 52 wk highs were leading by 43 in NYSE & by 4 in Nasdaq
VIX UP .60% @ 15.09
Oil @ $99.60
Gold @ $1311.60
AH Futures UP
AH Asian Markets mixed
AH Oil Down
AH Gold UP
About market, TAPE was subjected to selling pressure. We are experiencing a "technical breakdown" in majority of high beta stocks which does not bode well for Nasdaq. Carter Worth is predicting a 13% correction in Nasdaq, his target is 3800 for Nasdaq. Sometimes we go through a major shift in market & this may be one of those situation. Do not be euphoric by a snapback which may happen on Tuesday, this is a normal TAPE action on its way to lower close in the week.
BLOG does NOT give buy or sell.
Saleem
Posted in: Mixed
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