Scalper1 News
Major averages reversed to close lower on higher volume yesterday after trading up earlier in the day with the NASDAQ Composite closing below its 50-day moving average. This bearish technical action, taken together with the distribution day that occurred on the S&P 500 on the second day after its recent follow through bodes negatively for the market. As we stated in an earlier report, when a major average has a distribution day so soon after its follow through day, it usually means a failed FTD. Plus, the number of actionable stocks remains scant, and those that do show actionable signals are unable to follow-through with any meaningful gains. Still, with easy money manipulations by central banks, rallies can endure longer than expected, invalidating years of historical statistics. So watch the stocks.Scalper1 News
Scalper1 News