Markets lived another see saw day Tuesday as tepid, early gains faded, then bottomed near 2pm, then a lackluster rally into the close left both the Nasdaq and S&P 500 down almost .6%. The day was dominated by very few names acting well, and leaders getting haircuts. The barber will not need its scissors to perform his duties, rather a razor just to shave what hair may be left on the leaders. EXP is now off 5% in just 2 days, and falling further below its 72.41 flat base trigger it took out 5/15. It did find tenuous 50 day SMA support though. WLK reversed more than 3 handles after briefly taking out a 95.52 cup with handle pivot point. DDS was in the midst of a 3 week tight trigger of 94.96, but that was a distant memory as the stock dropped more than 5% today. Its now lower 5 days in a row. When leaders experience this type of action, the prudent thing to do is to raise at least a little cash. Opportunities will present themselves everyday, and you can always get back in. The transports are another area of concern as the IYT is sitting on its 50 day SMA. Will a pierce of that ETF’s 50 day derail, pun intended, market sentiment.
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