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2 Apr 2015
US Indices: basing or consolidating for a lower break? – TechTrader
FXStreet (Barcelona) - Harry Boxer of The Technical Trader, summarizes the intraday technical performance of Down, S&P 500 and the Nasdaq, noting that it was a critical day for the indices.
Key Quotes
“The stock market indices suffered a strong, downside hit, and retest in the first half hour today, plunging sharply, but holding secondary support and key support near the 4280-2 zone on the Nasdaq 100 and near 2048-50 S&P 500. The then snapped back to the Fibonacci retracement, and went into a consolidation for the rest of the day, repeatedly testing support and holding. At the end of the day they snapped back to close off the lows.”
“Net on the day, the Dow was down 77.94 at 17,698.18, 113 points off the low. The S&P 500 was down 8.20 at 2059.69, 11 points off the low. The Nasdaq 100 was down 22.43 at 4311.26, 25 points off its low.”
“Advance-declines managed to go positive by 16 to 14 negative on the New York Stock Exchange, and was still negative dramatically on Nasdaq with only 160 issues lower. Up/down volume was a little less than 18 to 16 positive on New York, with total volume of nearly 3 1/2 billion shares. Nasdaq traded 2 billion shares, and had a 3 to 2 negative volume ratio.”
“Stepping back and reviewing the hourly chart patterns, the indices came down hard at the opening, bounced, and consolidated the rest of the day. I'm not sure if it's a basing attempt, or consolidation before the next down leg. It's a critical time in the markets.”
Key Quotes
“The stock market indices suffered a strong, downside hit, and retest in the first half hour today, plunging sharply, but holding secondary support and key support near the 4280-2 zone on the Nasdaq 100 and near 2048-50 S&P 500. The then snapped back to the Fibonacci retracement, and went into a consolidation for the rest of the day, repeatedly testing support and holding. At the end of the day they snapped back to close off the lows.”
“Net on the day, the Dow was down 77.94 at 17,698.18, 113 points off the low. The S&P 500 was down 8.20 at 2059.69, 11 points off the low. The Nasdaq 100 was down 22.43 at 4311.26, 25 points off its low.”
“Advance-declines managed to go positive by 16 to 14 negative on the New York Stock Exchange, and was still negative dramatically on Nasdaq with only 160 issues lower. Up/down volume was a little less than 18 to 16 positive on New York, with total volume of nearly 3 1/2 billion shares. Nasdaq traded 2 billion shares, and had a 3 to 2 negative volume ratio.”
“Stepping back and reviewing the hourly chart patterns, the indices came down hard at the opening, bounced, and consolidated the rest of the day. I'm not sure if it's a basing attempt, or consolidation before the next down leg. It's a critical time in the markets.”