Off the Charts
It was a brutal day in the indices as the pressure continues to build. The Dow was hit the hardest, closing the day down 1.82% although the S&P 500 was not too far behind, finishing down 1.44%. All indices have now lost support of their 50-day moving averages with the Nasdaq leading this move lower.
Yesterday's late day squeeze likely caused some bulls to get long while it pushed some bears out of their shorts. Traders walked in this morning with the S&P futures down 10+ handles, trapping those that went long into the close and frustrating those that were no longer short. The market grinded lower for the first hour of the day as the S&P broke below support of 1422. The market remained heavy throughout the whole session, although there was not significant downside momentum....880 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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