Stocks snapped a three week losing streak and rallied after another volatile week on Wall Street. On Monday, stocks rallied 200 points only to give it back and fall 200 points on Tuesday. The market was up and down on Wednesday before falling hard early Thursday morning and breaking key levels of support. Then, the bulls showed up and stocks closed near their highs on Thursday and gapped up on Friday…
The bears emerged victorious after another ugly week on Wall Street. A closer look beneath the surface showed a lot of damage occurred. In last week’s report, we mentioned that the tape was split and we were seeing a few important areas begin to roll over. Well, many of those important areas broke down leaving fewer and fewer areas in “good” technical shape. The areas that concern us are…
Split Tape Returns As Bulls Defend Support The market, once again, is very split. Gold and a few other commodity stocks (Steel, Energy, etc) are acting very well while many other areas of the market are rolling over or remain very weak (Semiconductors $SMH, Retail XRT, Biotechs IBB, etc). We have now entered the beloved…
Once again, sellers are showing up, after a 2.5 month hiatus, and putting pressure on several key areas of the market. Short-term, the major indices rallied right into major resistance (prior chart highs) and are now pulling as the pause to digest the strong rally from Feb’s low. Economic and earnings data remains tepid at best…