facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast blog search

OVERSOLD (in our opinion) 10-12-18


10/11/18

Global markets tumbled overnight and U.S. equities followed suit as the S&P 500 finished lower for a sixth straight day. China�s Shanghai Index dropped -5.22% and Japan�s Nikkei Index was down -3.89%. European markets were off about -2%. The major averages traded lower at the bell but bounced when the DJIA was able to hold support at its 200-day MA. However, the market took another sharp leg down once that key support level for the Dow was later broken. Today�s selloff saw the different indexes retrace about 50% of the move off the February low to recent highs but market internal breadth is still indicative of lower prices. A third week of inventory buildup in crude oil supplies sent oil prices lower in the afternoon and Energy (XLE) was the weakest sector today. REITs (XLRE), Financials (XLF), Healthcare (XLV) and Industrials (XLI) were also sharply lower. The DJIA gave up another 545.91 points (-2.13%) and closed at 25052.83 while the S&P 500 fell 57.31 points (-2.06%) to 2728.37. The NASDAQ lost 92.99 points (-1.25%) finishing at 7329.06.

Check the background of this firm on FINRA’s BrokerCheck.
Client Center