Price movement was mixed today on high volume for the largest companies. After a big gap up related to the Fannie Mae (FNM) and Freddie Mac (FRE) news, the price action was weak. The SPX finished the day strong but other indices remained weak at the end of the day.
The SP500 Index (SPX) had its highest volume since the July low on a move of over 2% in price. Price now sits at the 50 day moving average.
The Nasdaq Composite (COMPQ) started the day strong but finished the wide range bar around the 50% price point. Price remains below the 50 day moving average. Volume was up on COMPQ but not as strong as on the SPX.
The Nasdaq 100 (NDX) chart was down for the day on higher volume and well below the 50 day moving average.
The smallcaps had a good price movement day but the volume was average. Most of the price movement today was by the financials and the SP600 Index (SML) has few of those.
Charts courtesy of Stockcharts.com
It still appears to me that price will eventually roll over and move down into early October.
Tags: Growth Stocks · Nasdaq Charts · Standard and Poor's 500 (S&P500) · VolumeNo Comments
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