Technical Analysis

Shares up on day properly, however there’s one large concern

Cannot get again above the yr finish closes

The most important inventory indices stay larger and among the battered shares have seen a rebound. 

Nonetheless, there’s one large concern. That’s the Dow and the S&P couldn’t get again above the tip of yr closing ranges.

Each the Dow and the S&P fell and closed beneath their finish of yr closing ranges at 2,673.61 and 24,719.22 respectively.

As we speak,

The S&P moved to a excessive of 2670.73 – about three factors in need of that finish of yr stage.The Dow moved to a excessive of 24669.79 – about 50 factors in need of its finish of yr stage

The indices are nicely off the highs as nicely:

The S&P is at 2659 presently and is now 14 factors off the tip of yr levelThe Dow is at 24569 presently and is now 150 factors off the tip of yr stage.

If there’s to be a rally, getting again within the black will likely be a minimal step for the dip patrons.  As we speak that might not be performed. 

The Nasdaq finish of yr shut was at 6903. The value shut yesterday was nonetheless above that stage by about 5-6 factors. As we speak, the index is up at 7000 presently, however had a excessive of 7029.92. 

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