The general market continues to roll lower as the current correction deepens. The NASDAQ Composite Indexes didn’t make it quite as far as the 50-dma this morning on its latest little U&R type of move off the Monday lows before reversing and closing down an even three percent on the day. Volume expanded vs. the prior day, and the index now finds itself -12% off its recent peak.
The S&P 500 Index is testing the lows of its current downtrend channel. It found resistance closer to its lower 10-dma and posted a lower closing low in higher volume today. Its chart looks a little worse than the NASDAQ’s, but it is just under 10% below its own September peak.
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