On light, quasi-holiday, trade the ES gapped down and ultimately lost 6 on the day. The gap remains open which leaves an unfavorable 2 day pattern. The old high was tested, leaving a range high camo sell candle on the chart and today a slight follow through.
The NQ futures were much, much weaker than the broad market losing 27 on the day. Key support/breakdown level is just below at the 50dma and last month’s low.
The put/call ratio that is on the rise should raise some eyebrows. The closing reading wasn’t climatic but this is often how you get to one.
The 10-day Trin still has oversold energy to be released.
If there is any good news for the bulls form the day’s action it’s that the Sox/Ndx cross didn’t yet break. Stay tuned.
The relative weakness in the NDX vs. the SPX is very bearish. This is exactly what is usually observed before the market moving to short term then intermediate term negative.
The OSX was the top gun on the day but was only marginally positive. Price remains below the important MA’s.
The BKX traded in-line with the broad market. The chart is positive but traders will need to pay close attention to the Sept. lows which would qualify a double top if they are undercut.
The market leading BTK hit the key 8/8 level. We will have to pay close attention to how price interacts with the 10ema.
Oil:
Gold:
Silver:
