From Panic To Euphoria - Upward Reversal Or Just Correction?

The S&P 500 futures contract trades within an intraday downtrend, as it retraces some of its yesterday's advance. The market remains below the level of 2,500. It bounced off the support level of around 2,300-2,350 yesterday. The nearest important level of resistance is now at 2,480-2,500. On the other hand, the support level is at 2,400, among others. The futures contract got back to its late last week's consolidation, as the 15-minute chart shows:

S&P 500 futures contract - S&P 500 index chart

Nasdaq Also Lower

The technology Nasdaq 100 futures contract follows a similar path, as it trades within an intraday downtrend. The market fell below the level of 6,000 on Monday and it continued lower on Wednesday. It traded 24.7% below the early October record high, before reversing higher. The nearest important level of resistance is now at around 6,300. On the other hand, the support level is at 6,100, among others. The Nasdaq futures contract retraces some of its yesterday's rally, as we can see on the 15-minute chart:

Nasdaq 100 futures contract - Nasdaq 100 index chart

Apple, Amazon - Reversals or Just Corrections?

Let's take a look at Apple, Inc. stock (AAPL) daily chart (chart courtesy of StockCharts). The stock further accelerated its sell-off this week, as it fell below the price of $150. The market reached the new medium-term low of $146.59 on Monday. Then it retraced some of the decline yesterday. However, the stock remains below its month-long downward trend line:

Daily Apple, Inc. chart - AAPL

Now let's take a look at Amazon.com, Inc. stock (AMZN) daily chart. The stock accelerated its downtrend recently and it reached the new medium-term low of $1,307 on Monday. Was yesterday's rally the upward reversal? For now, it looks like another upward correction. The market remains below its three-month-long downward trend line:

Daily Amazon.com, Inc. chart - AMZN

Dow Jones Closer to 23,000 Mark Again

The Dow Jones Industrial Average broke below its two-month-long consolidation in the middle of the month and then it accelerated much lower. The blue-chip stocks' gauge fell below the level of 22,000 on Monday. It slightly extended the downtrend on Wednesday, before sharply reversing higher and getting closer to 23,000 mark. So was it an upward reversal or just correction within a downtrend? There have been no confirmed medium-term positive signals so far:

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