The SP lost 15 on the day and settled below the 10ema. The next key area of support is the static trend line at 1325.
Naz lost 16 on the day, using the 8/8 Gann level as support intraday. Be sure to set an alarm for a break under 1374 which would be a fresh 3 day low. The price action remains lateral and will be key pivot when price leaves the range.
The put/call ratio recovered but extremely low close recorded yesterday led the Tradesight Analysts to get aggressively short on Wednesday.
Multi sector daily chart shows the money rushing out of the gold stocks.
The SOX was the top performing Naz sector which isn’t saying much since it was down 1%. Price is still using the 50dma for support.
The BTK closed almost exactly at yesterday’s low but above the 10ema. The 8/8 level remains the active resistance level.
The BKX is still contained below the 50dma and active DTL. The April lows and 200dma are the next area of support.
The OSX was a huge loser on the session, down a full 3%. Key support is just under 260 which is the low of the move to date. Retracement fibs have been added which highlights the importance of the 250 area if price continues to break.
The XAU got completely destroyed, losing 4% and almost making a new low close for the year. Set an alarm for a break under 194.60 which is the YTD low. Note that price is now in the Gann oversold area and should have strong support at -2/8.
On the strength of the $US gold got knocked back down to 1500.
Oil posted another limit down day, settling just above the 62% fib.
