Off the Charts
The market saw its most potent intraday selling in months, accelerating lower in the last 90 minutes of the session. Stocks were boosted this morning by better-than-expected Consumer Confidence data but couldn't hold those early gains. The Nasdaq suffered its worst down day since July, closing the day off 1.36%. The S&P 500 and the Dow were slightly less weak, closing with losses of 1.05% and 0.75%, respectively.
The S&P broke the upper floor of support today. It has been a while since the market has put in a potent down bar with a close on the lows. After today's move, it is best to clean up excess longs and be in wait-and-see mode, as composure seems to have changed....707 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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