Negative Reversal Day
The stock market indices suffered losses today, although they opened higher and ran up to new multi-month and multi-year highs in some cases. The Nasdaq 100 reached 2645 and the Nasdaq Composite near 3000, while the S&P 500 hit 1378. They then sold off sharply, bounced mid-morning, and then backed and filled in what looked like corrective wedges. By early afternoon, when they hadn’t broken out and followed through, they rolled over hard into the close, but they did bounce in the last 10-15 minutes. [More...]
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