Indices Hold Key Levels

By | June 25, 2015

When a stock or an index closes on its low even a less than three quarter percent decline can look ominous on the chart. It was a bad day across the board but the resistance levels that were broken last week are acting as support this week and remain intact. The implied stronger open this morning is something of a relief because the DJIA is back below its 50 day moving average and sitting on its declining trend line, looking in fragile technical condition. The S&P is not far behind, and even the strong looking horizontal resistance-turned-support levels on the Russell 2000 Index and the NASDAQ Composite could not withstand another broad sell-off like we saw yesterday. This market has been confounding sometimes but always resilient.

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