Markets finished lower today, not a a typo, near their lows for the session. Both benchmarks were off, but the Nasdaq true to form outdid the S&P 500. Despite the downdraft breakouts once again continued to roll in with the big one being CSCO, running up 13% inspired by an earnings release. INXN was helped along by a Citi upgrade taking out a 26.73, and DDS although concluding off its highs took out a flat base pivot point of 89.52. On the downside ALK finished the day below a prior 64.65 flat base trigger from 5/6. Airlines have been a strong group so it should raise some caution when a leader in the space is wounded. Other groups like the builder ETF XHB witnessed a heavy volume decline today from almost 6 year highs. Troubling to me was the emergence of some real laggards in the space start to catch up. Notably BZH. In the credit card space COF, a doozy has started to show sign of life. Perhaps its time for the market to digest and pause and consolidate. Maybe recline for a rest on a 50 day SMA courtesy of LZB, pun intended.
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