Indices closed down.
S&P 500 @ 2368.39, low 2365.31, high 2375.12
RSI @ 63.17
CMF @ 0.455
Internals were :
Down volume led by 3.40 to 1 in NYSE & 1.38 to 1 in Nasdaq
Declining stocks led by 2.34 to 1 in NYSE & 1.87 to 1 in Nasdaq
Net new 52 wk lows were leading by 7 in NYSE & highs by 10 in Nasdaq
VIX UP 1.87% @ 11.45
Oil @ $53.14
Gold @ $1216.10
AH futures Down
AH Asian Markets Mixed
AH Oil Down
AH Gold UP
About market, TAPE was under mild selling pressure and closed near lows of the day, several attempts were made to stay green, but it failed by close. This is a very narrow range selling which tells me that, there are not too many eager sellers but buyers are accumulating. Internals were weaker. Patience and conviction is required @ this stage in market as Friday's jobs report is critical for interest rate hike.
BLOG does NOT give buy or sell.
Saleem
5 comments:
Hi Saleem,
Sold TECK @ 19.85 at open
Although I like the company, I fear some of their markets are losing their luster. I'll move to the sidelines for now.
Stocktrader
Hi Saleem,
Sold SPLK @ 60.78
I get the feeling that SPLK is stuck for a while as rates rise. It is lacking a catalyst for a next leg higher.
Stocktrader
Hi Stocktrader,
Good luck with your strategy.
Always good to review stock technicals and fundamental.
Saleem
Hi Saleem,
The market still feels heavy to me and we've seen more late day selloffs recently which indicates institutional distribution. I'll stay defensive until I see more evidence of support under the market--right now the support remains weak but sellers are not aggressive, hence the churn.
Stocktrader
Hi Stocktrader,
Yes...it is important to monitor TAPE for clues.
Saleem
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