Stock Indices Trade Lower On Internal Support

The Stock Indices traded through important support today and closed below that support. This opens the higher probability of a continuation of rotation lower to test the next level of support, which is near the January 24 lows. While the Market is short-term oversold and could spur a pause or rotation to work off the oversold condition, if more fear hits the market, we will likely see additional downside. The Briefing outlines the important support and resistance levels.

Leave a Reply

Your email address will not be published. Required fields are marked *