NASDAQ Technical Picture - Bears Own It - Jul 27 2007 10:07AM
BEAR ATTACK
U.S. markets cratered including an aggressive sell-off that whipped the Dow down almost 450 points in the afternoon. The main take-aways are the extreme volume levels and disparity between the
Advancers and Decliners - NYSE
Adv: 290.
Dec: 3071 and NASDAQ
Adv: 541..
Dec: 2562. This disproportionate spread between adv./dec. often accompanies market turns.
The technical damage includes a broken
trendline, loss of the 50 MA, and 38%
retracement of the March - July rally in just five sessions. With just three trading days left in July, we are technically oversold and due for some sort of relief rally.
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