The Nasdaq 100 is down just under 15% from its November 22 high and last week convincingly broke the dominant multi-month uptrend. The indices now rests on a prior swing low around 14,373 and a break below here opens the way to much deeper losses. The CCI indicator is deep in oversold territory and this may temper the current move lower.How to Short Sell a Stock When Trading Falling Markets
The S&P 500 is also making fresh multi-week lows with the indices down nearly 10% since the January 4 all-time high. The two largest constituents of the S&P 500, Apple and Microsoft release their earnings this week and any miss or disappointment could send the indices lower still. The next level of technical support for the US 500 is seen around 4,271.The Russell 2000, a small-cap market proxy is down nearly 20% since early.
formed on January 7. The indices has convincingly broken below a group of supportive prior lows and is now heading towards a zone between 1,884 and 1,924.– bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter
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