US Indices: Good technicals, potential turnaround – TechTrader

FXStreet (Barcelona) - Harry Boxer of The Technical Trader, summarizes the performance of Dow, Nasdaq and S&P 500, viewing that in spite of the negative close, technicals now support at potential turnaround.

Key Quotes

“The stock market indices suffered another loss today, but despite the negative sell at the end of the day, the technicals were positive on both the advance-declines and up/down volume, despite the lower prices on the indices.”

“Taking a look at the stocks on my board, the vast majority, more than 80%, were up today. So, I have to think that they were close at potential turn.”

“The day started out with a little move to the downside, and then a pop to resistance. When that failed, a later morning pop made a lower high, but failed at the declining topsline and moving averages. They then stair-stepped their way lower all day, closing near the session lows.”

“Net on the day, the Dow was down just 27.55 at 17,635.39, 8 points off the low. The S&P 500 was down 3.92 at 2040.24, a point off the low. The Nasdaq 100 was down 23.70 at 4305.38, also a point off its low.”