1 May 2015
US indices see a heavy sell-off, further damage ahead – TechTrader
FXStreet (Barcelona) - Harry Boxer of The TechTrader, summarizes the intraday performance of US equity indices, suggesting that the recent price action signals for further damage ahead.
Key Quotes
“The stock market indices had a very, very nasty day today and sold off quite heavily. The day started out with a gap down, they snapped back, and immediately went lower, stair-stepping their way down all day.”
“After a midday consolidation failed, they plunged into the last hour, only to bounce a little bit in the last 30-40 minutes, but in bear-flag fashion.”
“It doesn't look good. This does complete a 5-wave decline, but we plunged below some trendlines and support levels, which could lead to further damage.”
“They got to minus 11.25 takeout, which, at one point, the market did try to bounce late in the session, but it was not impressive.”
“Net on the day, the Dow was down 195.01 at 17,840.52, 70 points off the low. The S&P 500 was down 21.34 at 2085.51, 8 points off the low, but quite negative. The Nasdaq 100 was down 73.90 at 4414.25, 19 points off its low.”
”Advance-declines were 3 1/2 to 1 negative on New York Stock Exchange and 3 1/2 to 1 negative on Nasdaq. Up/down volume was 3 to 1 negative on New York, with total volume of a whopping 4 1/3 billion shares, with 3.1 billion to the downside. Nasdaq traded 2 1/4 billion shares, and had a 3 1/2 to 1 negative volume ratio, with a half a billion up, and one and three quarter billion down.”
Key Quotes
“The stock market indices had a very, very nasty day today and sold off quite heavily. The day started out with a gap down, they snapped back, and immediately went lower, stair-stepping their way down all day.”
“After a midday consolidation failed, they plunged into the last hour, only to bounce a little bit in the last 30-40 minutes, but in bear-flag fashion.”
“It doesn't look good. This does complete a 5-wave decline, but we plunged below some trendlines and support levels, which could lead to further damage.”
“They got to minus 11.25 takeout, which, at one point, the market did try to bounce late in the session, but it was not impressive.”
“Net on the day, the Dow was down 195.01 at 17,840.52, 70 points off the low. The S&P 500 was down 21.34 at 2085.51, 8 points off the low, but quite negative. The Nasdaq 100 was down 73.90 at 4414.25, 19 points off its low.”
”Advance-declines were 3 1/2 to 1 negative on New York Stock Exchange and 3 1/2 to 1 negative on Nasdaq. Up/down volume was 3 to 1 negative on New York, with total volume of a whopping 4 1/3 billion shares, with 3.1 billion to the downside. Nasdaq traded 2 1/4 billion shares, and had a 3 1/2 to 1 negative volume ratio, with a half a billion up, and one and three quarter billion down.”