After ending August on a gloomy note the market has started September with a bang after all major indices were up close to 3%. The NASDAQ had a strong accumulation day as tech stocks lead the way while the S&P 500 and Dow both traded about average volume. So after testing 1040 support three times the S&P 500 today surged higher and closed right at its 50 day moving average...
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More back and forth from the market today as we opened with a decent gap to the upside just to see it reverse down throughout the day finishing in the red. Volume was lower so not too much significance can be concluded from today’s session. Let’s see what happens tomorrow...
The market continues to get hit hard as sellers overpower buyers and prices push further south. Today the headlines revolved around housing which showed that sales of previously occupied homes fell last month to their lowest level in 15 years. For some reason I don’t see why this was not expected given the first time home buyer tax credit being done and the state of the current economy but anyway… Bottom line is that the market has had three distribution days the last four sessions and is showing no strong signs yet of being oversold. ...
