Relief Bounce Negated In One Day

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It was all the time going to be a troublesome promote given the pace at which markets pushed down right into a retest of June lows final week, however I might have thought a bounce would have lasted longer than a day. 

The hasn’t violated the June low but however with Friday’s end-of-week print more likely to see further stress into the overweekend-hold worth, it isn’t trying nice for at this time.

COMPQ Daily Chart

COMPQ Daily Chart

The edged with a (real-body) shut beneath assist, however at the least there isn’t any confirmed distribution. On the flip facet, the relative efficiency benefit in opposition to the was rapidly erased on yesterday’s promoting. 

SPX Daily Chart

SPX Daily Chart

The Russell 2000 has managed to carry on to June low assist, though as with the S&P there wasn’t an entire lot of promoting quantity. One large swing has include a relative efficiency benefit over peer indices has been devoured up after yesterday.

IWM Daily Chart

IWM Daily Chart

We acquired a good suggestion of the continued energy in bears, such that we solely actually noticed at some point of good points for a assist take a look at that basically ought to have supplied extra for bulls than a single day. We have to see what occurs from right here, however given the has already undercut the June low we must assume the identical will occur within the Nasdaq, S&P and Russell 2000 too. 

INDU Daily Chart

INDU Daily Chart



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