No Hill For A Climber
I need to be very serious with today’s report, especially if you had any
hope of this market breaking to the upside. In fact, just the opposite is happening. Over the past few
weeks, we have seen gaming, retailers, insurance,
utilities and homebuilders breaking all kinds of support levels as groups, as well as individual stock
names.Â
About the only sector that has shown strength recently has been the
semis. Well, it now appears at this time that the
semis’ move is also aborting. This is no hill for a
climber. There is not much more to say, except to once again point out
support. As every day goes by, I am believing more and more that odds favor a break to the downside and a possible assault on the March/April lows.
As I see it, the Nasdaq (as of this writing) is approaching vital support at 1950.
Technology looks to be in serious trouble again. The
Nasdaq 100
(
NDX |
Quote |
Chart |
News |
PowerRating) has very thin support at around 1600. No help with this area
either. The S&P 500
(
SPX |
Quote |
Chart |
News |
PowerRating) support lies at 1170. If the Nasdaq breaks, the S&P most
assuredly goes along for the ride.
Surveying the sum of these, the
situation remains, for me, a no play for any intermediate action. I know this doesn’t excite
you but facts are facts, however else you view them.