Wang’s Happy Trading

I just like to do a quick review of the actions today. No charts, since I’ll be going over those this weekend, and, we can all start enjoying the weekend! =)

Today:
SPX closed at 1458.95, -6.2% from recent high
Nasdaq closed at 2562.25, -6.0% from recent high
Dow closed at 13265.47, -5.4% from recent high

Yesterday, I said:
“So, where are we going from here? I think we could see more volatility. And, the major indices could slide some more. Here are some immediate support levels, if the markets were to fall further:
SPX 1440-1460
Nasdaq 2550-2575 (it did go below 2575 today)
Dow 13200-13400 (it did go below 13400 today)”

And, the market did pretty much what we expected! The volatility was high. VIX ended above 24!! All three major indices fell within the range that I specified yesterday. At one point, it did look like the market was trying to turn. But, the last hour took the market down to close at low of the day!!

Since things came within the expected range, I think we can all relax and take our minds off of the markets for a little while. We’ll look at things a little more closer this weekend. For now, it’s time to enjoy the weekend!

Have fun and HappyTrading! ™