5th Streak of Full 1% Closing Price: SPX, SPY, DIA and IYT.
The U.S. benchmarks have had 5 streaks closing of full 1% in the last 5 trading sessions, Friday and Monday move of full >1% pared on Tuesday- Thursday performance of >1% closing. While this seems strange to us - market participants- this is actually a normal move on a Neutral basis market - it is strange for now as we adapt to a new trend. We are leaving the "elementary 2017" market trends, whereas - daily record highs print on the major indices on a measly closing price of .25% -.50%.
I used to publish 5 tradings period for daily moving average, but today, stretching it up to full 7 days to show that the index has actually turned upside down - or it gave up more than what it has recouped on the bounce days, the only exception is QQQ or Nasdaq Composite as it still comfortably sitting at bullish levels.
As of yesterday closing, the technical basis on daily moving average has turned bearish, signaling a new leg down - keep an eye on Nasdaq it can save the market - or join the selling party.
- Apple (AAPL) Amazon (AMZN) Netflix (NFLX) Alphabet (GOOGL)
- SPY, QQQ, DIA, XLF, XRT, XLE, IYT, IWM, IBB, SMH
Twitter: @ Kris_tin27