SCHOCKnews - DAS steht UNS im DAX bevor!!

We had some strong follow-through to last week’s gains with a very strong morning move on the Nasdaq 100.
But at that point I noticed that the Dow and S&P were not really keeping pace, maybe some loss of momentum there. As a result, we turned sharply south in the morning and tested support initially successfully on the Nasdaq 100, but broke down beneath minor support on the S&P 500, testing secondary support on the S&P and Dow. When that was successful the market then rebounded and ran back up to retest the highs on the Nasdaq 100, nearly exactly double-topping just after the lunch hour.

When they couldn’t break through and make higher highs and when the S&P 500 and Dow made lower highs and failed to confirm Nasdaq once again, the market then turned south and sold off briskly for a couple hours before bouncing during the last hour. However, in the last 15 minutes the market after retesting resistance and failing to get through it, sold off into the close.

The Dow ended down 51 today, about 70 points off the high. The S&P 500 about 7 points off the high, down 3  ½. The Nasdaq 100 was off just a quarter but around 16 points off the high. The Nasdaq Composite was up 1, but some 15 points off the high as well.

So, they got intraday reverses today and after the long rally we had in the last few weeks, this could have  been the beginning of a topping process. Certainly many of the technicals have been telegraphing it.

The technicals today were solid though to the upside by 18 to 14 on New York and a similar amount on Nasdaq. Advancing/declining volume was 7 to 6 positive on New York and 2 to 1 positive on Nasdaq, with a total of 1.85 billion traded on Nasdaq. New York was about 1.4 billion traded.