Trendless Rough Period for the Nasdaq $QQQ $SPY $GLOG $FB $TSLA
It was a rough session for the markets. The major averages opened lower and sold off the entire day. Late selling caused all the major averages to close at their intraday lows, erasing yesterday’s gains. Leading stocks were hit harder than the overall market with the leaders index falling 1.39% on higher but still below average volume. The index had rallied back above it’s 50dma but fell back below it with today’s action. It is a negative sign when an index or a stock breaks below this moving average, rallies back above but but can’t hold. Right now both the market and individual stocks are in a trendless choppy situation that is unlikely to produce gains worth the trouble. I have always said that you should be in the market when it is easy to make money.
You want to be in the strongest stocks, in the strongest sectors when the market is healthy.