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Throughout the trading day, the indices futures were slightly negative and even became a little positive at some point. However, they began trading by 0.3% average declines, and the sellers were dominant since the opening. Within an hour the screen showed declines of over 1%. By noon the indices recovered by about 0.5%, however, during the last hour for trading the bears showed up again.
Indices Daily Close and S/R Levels
The S & P dropped 0.81% to 2749, closing on top the significant 200-days moving average line, that got slightly broken during the trading day.
Support: 200, 2740, 2710-5, 2700, 2680-5.
Resistance: 2770, 2800, 2815-20.
The Dow dropped 0.78% to 25473, while already visited 25350 and recovered.
Support: 25450 (based on closing) 25000-100, 24800, 24300-400.
Resistance: 25800, 26000, 26250-300.
The NASDAQ dropped 1.13% to 7421. The index had hit 7400 and quickly recovered, however, NASDAQ closed below the 200-days moving average (7475).
Support: 7400, 7330-40, 7,200-30.
Resistance: 7475-500, 7575-600, 7650-70.
Daily Summary and Overview
We are in the middle of a sell-off following the two months in which the market surged around 20%. How deep would the sell-off be? We do not know yet⊠time will tell.
Today the S&P market visited the significant MA-200 but closed above, which gives a little hope. S&P in a decision point: Whether the index will break down below 2680 or recover and overcome the major resistance of 2800-15.
A bearish sign comes from the trading volume: the volume of the declines is high compared with to the inclinesâ volume (sellersâ market).
The VIX continued to rise today: as of now, the VIX index lies around the 16.6 level, following a daily high of 17.8. Todayâs trading could be crucial for the next future: Unemployment numbers are planned to be published shortly before trading starts.
Significant Gainers and Losers
Green: YEXT +10.1%, CDNA +9.8%, QURE +8.2%, EAF +6.3%, AYX +6.2%, EA +4.8%, CTL +4.8% and GWRE +4.4%.
Red: REZI -23.4%, IGT -16%, SSYS -13.9%, BURL -11.9%, NIO -11.5% (continuation to yesterdayâs trading), BZUN -10.2%, KR -10% SOGO -7.7%, HUYA -7.7%, WB -7.7%, MOMO -7.3%, SFIX -6.4%
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.