Markets fell Wednesday as the Nasdaq, the benchmark doing most of the heavy lifting taking the day off from that role and falling .6%. Most of the headlines will be dominated by AAPL, which obviously had plenty to do with the Nasdaq’s decline, being its largest component and comprising 7% of the index. It fell more than 4% on big trade today closing below its 99.54 cup with handle pivot point it took out on 8/19 in very respectable trade. Prior to today AAPL was up 15 of the previous 17 sessions, but this is a classic case of the staircase up and the elevator down. Todays move was certainly perplexing, especially so soon after that good looking breakout. Remember the best ones work right away. The S&P 500 was essentially flat and still enjoys spooning that round 2000 figure. Eventually that love fest is going to have to resolve itself. How concerning was the Nasdaq’s performance today? Obviously no one really knows but the 40 point reversal from opening highs above the 4600 handle does add some uneasiness. The session recorded an outside day from 14 year highs, however if the bulls want to spin it they can address the move came in lighter trade than Tuesday. For the week the Nasdaq is lower by .2% and the S&P 500 by .1%, not exactly the week bulls had envisioned as historically holiday shortened weeks tend to act bullishly. Of course the week is only half over. Buckle your seat belts?
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