SP500, DJ30 break lower from their channels/wedges with the Dow off just under 600 points (2.32%). The afternoon recovery failed and SP500, DJ30 are at new session lows. NASDAQ and the remaining indices are holding those lows or are above them. Moral victory? It doesn't look to be long before they are all at new session lows as the selling crescendo into the close hits.
Tons of negativity, easy to understand when there are 1.5% to 2.5% losses on the indices.
Big names: NFLX, AMZN, NVDA at the 20 day MA. MU, LRCX holding decently. The retail leaders are still holding.
Industrials, financials, industrial metals are getting hammered.
An old-fashioned tail kicking for most of the market. The leaders are under some pressure but mostly holding support. With this kind of angst and crying on the financial stations, if they are holding support that is setting them up if the pressure relents.
SP500 -59.21, -2.16%
NASDAQ -149.97, -2.04%
DJ30 -634.75, -2.57%
SP400 -2.09%
RUTX -1.54%
SOX -2.30%
NASDAQ 100 -2.17%
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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