US stocks down but well off the lows

Technical Analysis

Author: Greg Michalowski | sp-index

Major indices close near session highs

Question: When does a down day seem like an up day?
Answer: When the major indices closed at session highs.

That is what happened today.  The major US indices are trading down but they recovered a good portion of those losses and are closing near session highs.  Nevertheless it is a three-day losing streak for the major indices and the worst day since October 8.

The final numbers are showing:
  • S&P index closed down -20.5 points or -0.66% at 3093.30. The high reached 3094.97. The low extended to 3070.33
  • Nasdaq index closed down -47.34 points or -0.55% at 8520.64.  The high reached 8523.97. The low extended to 8435.40
  • Dow index closed down -279 points or -1.01% at 27506. The high reached 27524. The low extended to 27323.13.
So things could have been better but they could have been worse too.  

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