Markets fluctuated most of the day with the the Nasdaq and S&P 500, finishing in the black. The tech rich Nasdaq tried to push through the 3200 level, and did so intraday, only to close below it. Breakouts did occur even on the mixed session as GE took out a 23.28 flat base trigger, SCI broke away from a 15.24 4 week tight pivot, and BID raced past a 37.78 cup with handle trigger. Breakouts that occurred on light trade that should be watched to see if volume can be confirmed soon are OIS taking out a 79.14 cup with handle trigger, and KSU a 95.99 3 week tight pivot. Talking about the transports GWR had a solid day rising $3 on earnings. But alarming today were the action of some leaders, namely RAX RKUS DE. RAX fell 20%, (a bear market in one day), but did find precise 200 day support. RKUS fell 12%, but managed to find 50 day support precisely. DE fell 3.5%. All of those previously mentioned were on earnings. Another notable name disintegrated 20% in one session is CLF. It is now trading 60%, not a typo, off its 52 week high. Telling may be the action of others in the group RIO BHP RIO. They both rose more than 1%.
This article requires a Chartsmarter membership. Please click here to join.