The market has closed bringing an end to an uneventful, lackluster, ho-hum trading day! Europe ended down too. Talk about boring, the growing grass outside had a contest which I placed first place. But seriously don't let your guard down for one minute. When the correction comes you will want to take advantage of it both ways.
The last few minutes had a sell-off of sizable proportions involving “medium” volume which may fall over in tomorrows market. Three years ago a down market could be reasonably predicted for the morning, but no use guessing what is going to happen in the market as we are not in control until the volume picks up.
The Russell 2000 which has been a bellwether of sorts, fell to its opening, but above yesterdays close as seen in this chart below. It has been said that the bull run can not continue if the $RUT doesn't rise along with the others. So far so good, but then there is the DOW.
The DOW closed just below its resistance made on 3-19 for the second day in a row and that is not very good, for the bulls anyway.
The S&P500 closed below its highs made yesterday. The sell off volume tells me we are looking at a tired market.
SPY started selling off at 3:15 and continued in the aftermarket venue reaching141.06. SSO did the same ending up at 58.61. Gold ended at 1681, WTI oil at 107 and Brent at 124. The USD ended up near its high of 79.31 at 79.29. So my 'ha-ha' for tomorrow is that the market will open down starting a market correction – hey, my guess is as good as yours!
All for the day, see everyone tomorrow.
Written by Gary