Daily chart for S&P 500
Daily chart for NASDAQ
Since my last market analysis on Monday, all 3 indexes had failed repeatedly over the last 3 trading days to break above the lower MOBO bands. Dow had also failed to recapture the psychologically important 10,000 level last night. This indicates weakness in the stock market and that the bearish momentum is still strong. It looks like we are poised to break below the year’s low and make a new low for the year. This should happen either today or tomorrow.
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