Howling About an Ugly Trifecta
Wolf Street howls about a trifecta of headwinds.
Position: None
Traders Remain Complacent Despite Bad Breadth
I’m still expecting the market to reach oversold levels sometime after Memorial Day.
Early Wednesday Morning Trading (4:52 AM)
With S&P Futures +24 handles and the Nasdaq futures +196 handles, I have added to my very small index shorts:
* $SPY $736.12
* $QQQ $706.38
Position: Short SPY (VS), QQQ (VS)
Oscillator Back to Oversold
The S&P Short Range Oscillator is back into oversold at -2.08% vs. 0.04%.
Position: Short SPY (VS), QQQ (VS)
Looking for Stocks to Reach Oversold Levels
It’s likely that they’ll get there, but probably not until next week.
Tuesday’s After-Hours Advancers and Decliners
After-Hours % Advancers
After-Hours % Decliners
Position: None
Dip Buyers Can’t Stave Off Ugly Finish as Stocks Head for Disappointment
Both retail and institutions sold off as the market heads into two key events that are likely to produce bounces.
Closing Market Stats for Tuesday
Closing Volume
– NYSE volume 1% above its one-month average
– NASDAQ volume 12% above its one-month average
– VIX index: up 1.68% to 18.12
Breadth
S&P 500 Sectors
% Movers
Nasdaq 100 Heat Map
Closing S&P 500 Heat Map
Position: None
Never a Good Sign
Financials rolling over.
Never a good sign.
Position: None