Over the weekend it appeared that with the big-three major market indexes all sitting at their 50-dmas, we might get at least a small bounce. That might have given short-sellers an opportunity to re-enter at better prices, but no such luck. The indexes gapped down Monday morning and streaked lower until the Dow reached its 200-dma.
The NASDAQ Composite Index today demonstrated the treacherous, volatile nature of this market by gapping down 130.85 points within the first twenty minutes of trade. It then rallied from there all day long to close up 29.56. Volume was higher, and the index may be set for a test of its 50-dma, where near-term resistance lies.
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