Yesterday's market action was negative.
Friday's activity was far from ideal and added to the negative day we saw on Tuesday. The Nasdaq dropped 0.65% plus trading volume was above average suggesting institutional selling (Point A).
On Thursday the market appeared to getting itself back on track but after yesterdays action that may have changed and we may see the market pulling back or heading sideways. But it wasn't all bad for one the Nasdaq did reverse course after closing in on its breakout point around the 3100 level.
Leading stocks action was negative.
Before this week the market had been acting well so hopefully we have just entered a very brief pullback /shakeout period to turn everybody bearish. Next week things should become clearer on the markets true intentions. Ideally from this point I'd like the Nasdaq to stay above its cup-with-handle breakout point around 3100 (Point B).
This week we saw the Nasdaq (Point C) and S&P 600 (Point D) taking hits and with volume coming in above average, indicates a week of institutional selling. Institutional selling weakens the market making it more prone to further falls. The saving grace is both ended the week above their breakout points.
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