The indexes ran into resistance on Thursday as they came within a wiggle of their all-time highs. But a higher-volume reversal from the Dow and stalling moves in the S&P 500 and NASDAQ Composite Indexes set the technical stage for a news-driven sell-off on Friday.
News that a Chinese delegation had cancelled its scheduled meeting with farmers in Montana sent the market off the edge. From a purely technical vantage point, we have a stalling day on Thursday as volume declined sharply followed by a break to the 50-dma on Friday on heavy quadruple-witching options expiration volume.
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