The Nasdaq 100 Index (NDX) continued to lead and was up on volume today while the SP500 Index (SPX) was down on big volume. I believe more downside is possible to SPX 1160 and could happen quickly. Remember that SPX 1160 is a 50% retrace of the 2002-2007 range, the half-way point of the 2000-2002 bear market, and the low in October 2005.
The mid-caps and small-caps had large range high volume days that finished right were they started. My proprietary breadth calculations of the top 100 growth stocks was very bad today. Bad breadth has lead to weakness the next day during the past few weeks.
Charts courtesy of Stockcharts.com
Full moon hits on Friday at 8AM - for those who are interested.
Post Modified: July 16th, 2008 at 8:40 pm
Tags: Growth Stocks · Nasdaq Charts · Standard and Poor's 500 (S&P500) · VolumeNo Comments
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