MIDDAY MOVES
Markets continue to trade lower and just off the worst levels of the day- All the big financials trade red - the list includes BAC C JPM MTB USB WB WFC GS LEH LM MER MS RJF CME ICE NDAQ NYX BEN BLK TROW- so unless something starts to turn there expect the major indexes to finish at/near their lows.
Strong sectors- metals, ags and oils;
NYSE- 970 net losers;
NAZ- 800 net losers;
NDX- 20 GREEN;
OEX- 10 GREEN;
DJIA - 1 GREEN (XOM)- losers- GM AIG C BAC HPQ AXP HD JPM;
VIX - moving on up (8%) and now at 21.15-
Down volume 3X the up;
TRIN- 1.62
Trend line support on the SPX at 1280- a line of the lows since the recent bottom in July- which I suspect won't hold - may hold today but going forward still looking at 1255 area;
RSI (2) levels on major indexes:
SPX 25
DJIA 22
NAZ 23
RUT 28
1 Comments:
I see that S&P trendline being at 1270, not 1280. The S&P could trade to 1270 and still have the pattern of higher lows.
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