Bifurcated markets
SPY lost -0.6% on Thursday.
DJIA lost 1.4%. And IWM lost -2%.
But Nasdaq gained +0.5% on the heels of tech heavy institutional darlings.
Earlier in the day SPY had lost -60 handles, but recouped some losses by day's end.
Today's overall weakness is shown by declining issues over advancing issues by a 3:1 margin at the NYSE and a 2:1 margin at the Nasdaq.
ES futures are red by -10.25 handles as of now.
NY Advance/Decline issues are sloping down and just perched above 50% level.
Nasdaq and NY Mcmillan oscillators RSI's are below 50% suggesting declining markets ahead.
But still the broad 300-320 range holds on SPY.
Only a trader's market at present.
DJIA lost 1.4%. And IWM lost -2%.
But Nasdaq gained +0.5% on the heels of tech heavy institutional darlings.
Earlier in the day SPY had lost -60 handles, but recouped some losses by day's end.
Today's overall weakness is shown by declining issues over advancing issues by a 3:1 margin at the NYSE and a 2:1 margin at the Nasdaq.
ES futures are red by -10.25 handles as of now.
NY Advance/Decline issues are sloping down and just perched above 50% level.
Nasdaq and NY Mcmillan oscillators RSI's are below 50% suggesting declining markets ahead.
But still the broad 300-320 range holds on SPY.
Only a trader's market at present.
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