The stock market indices ended mixed today, but it was an interesting ride. They started out firm, running up to resistance at 2110 on the Nasdaq 100 and 1184 on the S&P 500.
Despite the heavy selling, the uptrend remains intact. Until the trend is broken, Deron Wagner will continue to scan for trades of strong ETF's pulling back into support.
Global equities are taking it on the chin as asset allocators are reining back on their previous appetite for risk assets with emerging market equities and debts suddenly looking a lot less attractive than they did just two weeks ago.
The stock market indices extended their slide into the sixth day and accelerated to the downside today, reaching new pullback lows, piercing some key support levels at 2100 on the Nasdaq 100 and 1180 on the S&P 500. They did manage to snap back in the last hour or so, but still had a very negative session.
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