The SP posted a mostly inside day, closing unchanged. Price was higher for much of the session before a hard selloff in the last half hour after comments by Ben Bernake.
Naz recorded an almost identical day to the SP though it did reach a little deeper below Monday’s settlement.
Multi sector daily chart:
The 10-day Trin remains elevated and full of oversold energy:
The SOX was top gun leading the other major averages. Key support is just below at the 0/8 level and 200dma.
The BTK is still range bound with key support just below at the 50dma.
OSX is again back at the low of the recent range. A break lower would be a real blow to the health of the broad market.
The BKX remains very oversold and has been a real drag the SP. The Seeker is now 10 days into the exhaustion countdown.
The XAU was the much weaker than the broad market and was a source of funds.
The computer hardware index, the HWI was the weakest sector and last laggard on the day. Price has settled below the boundary of the regression channel. A downside follow through puts the 200dma in jeopardy.
Oil remains boxed up;
Gold looks to be working on a lower high:
