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Bears Exert Pressure But Haven't Won Control

Published 09/09/2015, 11:56 PM

It was an ugly sell off yesterday, but Tuesday's lows weren't challenged and this will stand in bulls' favor today. However, yesterday was clearly a day where bears had control from the open through to the close. There is still the need to break the consolidation, and bulls will look to contain further losses today.

The S&P is on the verge of a MACD trigger 'buy' and On-Balance-Volume 'buy'. However, it's still clearly underperforming against the Russell 2000.

SPX Daily

The NASDAQ finished with a bearish engulfing pattern which sets up for lower prices tomorrow. It has got a MACD trigger 'buy' in play, albeit a weak one, which is unlikely to last in the face of today's price action.

COMPQ Daily

The Semiconductor Index also reversed from resistance. Weakness here will fuel more losses for the NASDAQ and NASDAQ 100.

SOX Daily

The Russell 2000 was pegged by its 20-day MA in what looks to be a 'bear flag'. Technicals are looking a little more bullish with established 'buy' signals in CCI and MACD. Again, the 'buy' in the MACD and CCI are weak signals.

RUT Daily

For today, watch for follow-through downside across all indices. Bulls will look to step in at yesterday's lows, but if selling momentum is high they may be reluctant to go in with both feet. Yesterday's action suggests Thursday will be another one for sellers.

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Latest comments

John SpiraSep 10, 2015, 13:22
There are no humans looking to buy now with one foot or two feet. The buys are coming from the Fed's Plunge Protection Team PPT (helicopter money) or they are corporate buybacks conducted to bring some personal options above water for a few hours, but which will damage shareholder equity when the market goes back down again as EVERYONE has predicted for September 2015.. . It's kind of embarrassing when someone like me who knows relatively little about stock market investing can safely bet a Wall Street pundit that stocks are going to go down big-time in September 2015.. . What journalists need to do is honestly tell their human readers to get out of stocks completely until after Halloween. They shouldn't worry about being judged afterward for having been the cause of any collapse. Enough people won't follow the advice and the markets won't crash that much more because of the advice itself.. . And that way the pundit and his sponsors will later be loved and trusted by readers.
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