Markets started the week off falling from decent early gains, to finish near session lows. The leading Nasdaq led the charge with a gain of nearly .6% this morning to a loss of .4%. It recorded a bearish outside, and finished below the big round 3600 handle. The S&P 500 appeared to have more damage done from a technical standpoint with a move below its 50 day SMA. It traded lower for a fourth consecutive day, a feat that has not happened since the first day of trading in 2013. When benchmarks open on their highs and close upon their lows, it demonstrates classical bear market behavior. They indexes seem to be fading, losing stamina, akin to a horse losing ground in the stretch of the classic 1 1/4 mile Kentucky Derby distance. The markets are demonstrating no endurance as of late, suggesting that they may need to catch some wind at lower prices. Looking around the world, India today had to be the most alarming. The ETF PIN fell another 4% today following Fridays 5% loss. The IYT struggled again today at 50 day SMA resistance. Perhaps the transports, are trying to tell us to buckle up, pun intended going forward into the month of September just around the corner. It has been the markets worst performing month historically dating back to the early 1900s.
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