Why The Buyers May Return…
Index futures gapped to the upside on the durable goods report, which came in
better than expected, but after topping out around 9:35 AM EDT, took the plunge
and then continued to slide lower throughout the day.
This price action as both the S&P 500 index futures and the Nasdaq
100 futures contracts closing near their intraday lows and shaping up as
pullbacks to the 50-day moving averages and key support on the daily charts.
Tech was the whetstone around the indices neck on Tuesday, as the Semiconductors
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finished down nearly 6% in the session, and the The Biotech Sector
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also lagged, closing down 4.98%. Computer technology
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added to the misery, dropping more than 3% on the day.
Gold
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opportunity to buy up some of the commodity, ending the session up 3.10 to
314.10. Silver
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In grains, Corn
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pullback from high, and Wheat
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but closed poorly. This action formed on outside day on the daily chart.
Soybeans
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near the top of their range and appearing poised to move back to the upside out
of their recent pullback, with Soymeal
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pattern.
Softs almost made it a clean sweep for positive closes in the group, with Orange Juice
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being the lone dissenter and closing red. Cocoa
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move out of its pullback from high, closing up 24 points, and Sugar
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Finally, the energies took a breather Tuesday after their multi-day run to
August highs. Crude Oil
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closed with a bearish tail to the downside.