That, was not a good way to end the day! The markets started out very well, with SP500 hitting 1530 and the Nasdaq hitting 2600! But, the markets turned lower and closed in the red! SOX, in particular, is raising some warning flags. BTK closed flat. But, the commodities came back today. Both GLD and OIH closed in the green!
Nasdaq was looking very good this morning, catching its daily upper BB and touching 2600. But, its MACD had problems turning positive. The overall market condition didn’t help either. It was a nice little vent today, as perhaps hitting 2600 was a good mental place to take some profits. Let’s see if the techs can resume upwards tomorrow.
SPX hit 1530+ today, and was holding on pretty well until the last hour. Its MACD turned negative again. Certainly, some indecision and nervousness are showing in the markets. Perhaps it is time to start accumulating cash.
Well, I was thinking in this week’s forcast that, “We should see buying continue early in the new week, and perhaps, some venting at the end of the week.” We did see the “buying” continue early in the week, but, did this venting come too soon? Did 1530 SPX and 2600 Nasdaq give people a mental cue to take some profits? Somehow, it doesn’t feel, to me, that the buying for this cycle is quite done. But, it’s perhaps prudent to start accumulating cash. Let’s be careful tomorrow.
Good night and HappyTrading! ™