Has the Reversal Down Started?
I’ve been talking about another move down now for a while and today’s price action sure looks like a possible reversal bar on the DJIA. Of course we need continuation to confirm. The DJIA was down 48 points with the SPX down almost 12 and the Nasdaq Composite down 41.
In tonight’s Weekday Market Wrap video, in addition to our normal look at the U.S. markets, I look at the German DAX, Shanghai Composite Index and the Baltic Dry Index. Stocks tonight are Apple (AAPL), Goldman Sachs (GS), Twitter (TWTR) and Boeing (BA). I also show the disaster of the day…Valeant Pharmaceuticals (VRX). Continue reading
The stock market practically did a repeat of yesterday in that it only moved fractionally, with the trading range also similar to yesterday. But today all indices were down. So as Yoggi Berra said, “It’s like deja vu all over again.”
The DJIA, SPX, Nasdaq and RUT were all up slightly today but the NYSE Composite Index (NYA) was down 30 points. In tonight’s Weekday Market Wrap video I review my Elliott Wave count for the SPX and discuss the scenario that I am expecting for the stock market.
The stock market roared back with a vengeance today with the DJIA up 217 points, the SPX up 30 and the Nasdaq up 87. Ever since the break down in August the volatility has stayed strong giving investors and traders a wild ride.