The Bulls are Losing the Battle

By | July 7, 2015

It looked like a perfect time and place for a reversal move. A sharp sell-off in the S&P 500 index was halted at the 200 day moving average and a bullish morningstar scenario began to unfold. Then the Greece issue became more complicated and the markets were unable to maintain their modest momentum. At this point in today’s session the S&P has broken below its 200 day moving average and the March low looks like the next level of support. The Nasdaq Composite index took out the uptrend line of an intermedite term rising trading channel, and the pattern breakdown projects a test of its 200 day moving average.

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(Meanwhile, I’m still on vacation but the market is making it difficult to relax.)

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