Well we hit it. Both the S&p 500 and Dow Jones Industrial Average hit their respective round number levels, which in my opinion and experience act like magnets for traders and operators. As I stated yesterday, the operators pushed the S&P 500 into the 1,800 level at least three times in yesterday's trading, failing in each attempt. In the final attempt, we saw an influx of volume as prices collapsed. The same dynamic was seen in both the Dow and the NASDAQ, with the NASDAQ the most worrisome. We will have to see if there is any follow through on this move.
We had a strange mix of supply/demand dynamics I will leave the comments light, as you can see the mix below, but a lack of supply pressure across all the sector groups may be a tell.
We had a strange mix of supply/demand dynamics I will leave the comments light, as you can see the mix below, but a lack of supply pressure across all the sector groups may be a tell.
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