Indices closed down 1.09% to 1.50%........

Indices closed down.

S&P 500 @ 1942.74, low 1929.22, high 1961.39

RSI @ 42.84

CMF @ 0.007..all indices are positive CMF as of tonight, Nasdaq being the highest ??????

Internals were :

Down volume led by 6.99 to 1 in NYSE & 4.17 to 1 in Nasdaq

Declining stocks led by 3.92 to 1 in NYSE & 3.38 to 1 in Nasdaq

Net new 52 wk lows were leading by 202 in NYSE & 104 in Nasdaq

VIX UP 11.42% @ 22.44

Oil @ $45.83

Gold @ $1124.80

AH Futures Down

AH Asian Markets Down

AH Oil UP

AH Gold Down

About market, TAPE worldwide was under severe selling pressure by close they were down in 3% range. US market fared much better and Nasdaq was the weakest @ 1.50%. Relative outperformance by US market is a very good indicator that we are not falling apart and have not taken any support level. Today's close was another higher lows compared to other 3 test of support. This TAPE is different which is not violating any support but remains weak. Maybe we have entered another sideways market like in 1970, where Dow went to 1000 and remained in a downtrend for many many years. It is definitely trading in a very narrow range which needs to be recognized by investors & traders. Have extremely short term trading strategy like daytrading may work better, until we get out of this malaise.

BLOG does NOT give buy or sell.

Saleem

Posted in: Mixed