Markets finished lower Tuesday as both the S&P 500 and Nasdaq lost value to start the week. The S&P 500 lost half of what its tech benchmark did today falling .2%. The much anticipated date at the round numbers of 1800 and 4000 was perhaps a bad blind one that went awry Monday as the indexes have backed off since testing them. Perhaps the suitor will learn and come better prepared with flowers and chocolate later in the week, or was first impression everything and will the markets keep fleeing? Tuesday brought some more pain to some leaders which is not good for the overall market. Remember to play close attention to how they are acting for possible clues to where the markets direction is headed next. Names like BBY in the retail group lost 12% Tuesday slicing its important 50 day SMA that provided ample support since January. JEC in the industrial group lost 6% but found some comfort at its 50 day today and the round 60 number. Even good old defensive play CPB sliced the round 40 number and is now in its own personal bear market, off 20% from its most recent 52 week high. TSLA continues to act like its chart is driving in reverse down 6 of the last 7 weeks, and this week already lower by almost 7% after Mondays 10% drop. Some of the more recent supermarket names are acting rather bearishly as well. The 800lb gorilla in the group WFM may have precipitated the slump after reporting earnings on 11/7 and needing an aisle clean up on its chart falling 11% that day, pun intended. Peer SFM which had a wonderful first day of trading on 8/1 has now dropped 9 consecutive sessions and is below its 41.95 trigger in a short consolidation it took out on 9/20. From a technical perspective TFM looks like it is rounding out its bottoming process, but it reports later this week and the chart can also be interpreted as a bearish descending triangle. Lets see if it sours like the two previously mentioned names.
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