Scalper1 News
Major averages fell on mixed volume, marking the third time the S&P 500 has bounced off its 10-week moving average. After an initial drop, the majors bounced then spent the rest of the day in a trading range, closing mid-bar on the S&P 500 and in the upper range on the NASDAQ Composite. The S&P 500 now sits just under its 200-day moving average and is 0.6% away from its 10-week moving average. If it retests again, it will be its fourth retest. With each retest, the odds of a breakdown through support grow. Yesterday’s action also showed something of a “stealth shakeout” in big-cap NASDAQ leaders, many of which rebounded off of logical support or which are simply moving sideways in relatively tight bases, including names like AMZN, NFLX, PANW, CRM, FB, GOOGL, and MSFT. Even AAPL, which we have viewed as a short but which could easily rally from its current chart position IF the general market stages the proverbial Santa Claus Rally into year-end, as it has been holding tight and may be basing for just such a move. Scalper1 News
Scalper1 News