19:38
Unknown
Indices were UP then closed down, every indices breached 50 DMA except Nasdaq.
S&P 500 @ 1989.63, low 1982.26, high 2018.69
RSI @ 34.36
CMF @ 0.033
Internals were :
Down volume led by 4.31 to 1 in NYSE & 3.24 to 1 in Nasdaq
Declining stocks led by 3.17 to 1 in NYSE & 2.43 to 1 in Nasdaq
Net new 52 wk lows were leading by 330 in NYSE & 170 in Nasdaq
VIX Down 3.13% @ 20.42
Oil @ $55.91
Gold @ $1207.70
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold Down
About market, tonight IBD has changed its market outlook to "market in correction". Chinese HSBC flash PMI came in @ 49.5% which is first contraction in 7 months. Russia has hiked its interest rake to 17%, all the three events plus Oil continued decline seems like we are going down hard @ open, in my estimation we may have seen the lows already or are very close to "turning UP". It is important to keep an eye on RSI which is my most reliable indicator for a "turn in market". I am expecting a strong close on Tuesday.
BLOG does NOT give buy or sell.
Saleem
S&P 500 @ 1989.63, low 1982.26, high 2018.69
RSI @ 34.36
CMF @ 0.033
Internals were :
Down volume led by 4.31 to 1 in NYSE & 3.24 to 1 in Nasdaq
Declining stocks led by 3.17 to 1 in NYSE & 2.43 to 1 in Nasdaq
Net new 52 wk lows were leading by 330 in NYSE & 170 in Nasdaq
VIX Down 3.13% @ 20.42
Oil @ $55.91
Gold @ $1207.70
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold Down
About market, tonight IBD has changed its market outlook to "market in correction". Chinese HSBC flash PMI came in @ 49.5% which is first contraction in 7 months. Russia has hiked its interest rake to 17%, all the three events plus Oil continued decline seems like we are going down hard @ open, in my estimation we may have seen the lows already or are very close to "turning UP". It is important to keep an eye on RSI which is my most reliable indicator for a "turn in market". I am expecting a strong close on Tuesday.
BLOG does NOT give buy or sell.
Saleem
Posted in: Mixed
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