Stock Indices Capitulate To Weakening Internals

The market internals I have been covering in the last few weeks of Briefings finally weighed on the price of the Stock Indices. The SPY closed at important support today, while the QQQ and IWM closed below support. Volume ticked up slightly and breadth collapsed. The market closed at the lows for today, suggesting a follow-through tomorrow. They did reach a point of being extremely oversold. Therefore, watch for a breadth divergence that can suggest a pause to work off the oversold condition.

Leave a Reply

Your email address will not be published.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