The tape remains very split but is getting weaker. This was the 8th consecutive week that the S&P 500 and Dow Jones Industrial average closed below their respective 50 DMA lines. More worrisome for the bulls, the Russell 2000 broke below the neckline of a big double top pattern (see annotated chart). Meanwhile, the Nasdaq…
The tape remains very split. This is the 7th consecutive week that the S&P 500 and Dow Jones Industrial average are below their respective 50 DMA lines. Major support is October’s low and if that level breaks the next level to watch is the longer term 200 DMA line. The Nasdaq 100, on a relatively basis,…
Stocks fell hard last week as earnings season officially began. It was a volatile and important week because the Nasdaq 100 hit a fresh record high on Monday, then sellers showed up and sent stocks lower for the rest of the week. On Monday, the Nasdaq 100 jumped to a fresh record high as the…
Stocks fell last week after the jobs report missed estimates for the second straight month and more and more areas appear to be either rolling over or getting in trouble. Around mid-day on Friday, after the Dow was down a little over 100 points, Mario Draghi, head of the European Central Bank, came out juiced…