Stock Indices Open Higher But Cannot Hold Above Support

The Indices opened higher today, but reversed almost immediately. Volume on the moves lower is increasing. Breadth decreased all through the day. Most important, the percentage of stocks above their 50-day and 200-day moving averages is at extreme lows. Price development offers two possible bullish scenarios. However, if Wednesday’s low is taken out, there is likely a bearish case developing. The first part of next week will be very important.

Leave a Reply

Your email address will not be published.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