Market decline today looks like a top is in, at least in the near term. NYSE breadth was extremely weak today with almost 9 declining stocks for every 1 advancing stock, an amazing 96% of all NYSE volume going to the downside, and 479 out of 500 S&P stocks trading down on the day. So today was a solid down day across the board. Notice that the index reversed sharply at the ascending parallel trend channel I drew above. After the second test here, I expect the index to charge lower toward the AT LEAST the lower end of the trend channel which crosses the 808 area tomorrow.
1 comment:
actually..there are 'only' 480 stocks in the s&p '500' so technically, only 1 stock closed higher =)
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