Wang’s Happy Trading

That was an ugle day!! The major indices broke below their support levels and made their lowest close in months! The Dow lost more than 200 points; SPX gave up more than 25; and, Nasdaq dropped more than 40 points!!

SOX took a hit also, -11.21 points. XLF closed below 33, a support that we’ve been looking at. Oil (USO) and natural gas (UNG) rose, but, oil services (OIH) declined. Housing (HGX) continued to wobble, down more than 4%!

This pretty much bring us back to my posts 2 weekends ago! In Part I, we looked at SPX and Nasdaq for next support levels, and in Part II, we looked at some specific sectors for possible further weaknesses.

SPX

SPX now is back below 1440, and its MACD is curving down again. There’s an immediate support at 1420, but, the stronger one is perhaps 1400.

Nasdaq

For Nasdaq, the next support is at 2475.

After the market, AMAT didn’t quite meet the expectations with its earnings report. AMAT was down 3.81% in AH. Lone Star said that it will extend its offer for LEND’s outstanding shares to Aug. 28. LEND shares jumped more than +14% in AH. TMA, another mortgage company, said after the market that it is delaying its second-quarter dividend, and that it does not plan to file for bankruptcy. TMA shares shot up almost +26% in AH!

Good night and HappyTrading! ™