Tuesday started with a move higher and then once again the sideways pattern emerged shortly after the opening bounce. The morning open had to deal with a lower than expected consumer confidence reading which came in at 125 rather than the expected 133.5. This was the biggest month to month drop in 9 months and economists biggest estimate miss since 2010. Investors were shaking these numbers off when President Trump began speaking at the UN. His comments were so negative on China that they made investors wonder whether a trade deal was possible next month. He then expanded his speech to Iran and increasing sanctions. The index was already slipping badly when word came that the Democrats were going to proceed with an impeachment investigation. Investors sold the market lower. A brief pop occurred when President Trump announced he would be releasing the entire transcript of his conversation with Ukraine’s President, but in the end, it basically stalled the downturn but did not assist in a rally back up.
Overall it was a day of higher volatility with single day losses the most for the month of September. The S&P ended the day at 2966.60 down 25.18 on the day. The NASDAQ closed below 8000 at 7993.
Advance Decline Numbers Outlook for Sep 25 2019
There is a lot to cover off tonight following today’s plunge in stocks.
Here are the market breadth indicator signals along with advance decline numbers from the S&P 500 Index and NASDAQ Index from the close of trading on Tue Sep 24 2019.
Members should review the signals before trading resumes on Wednesday. Make sure to read the historic outlook for this week.
Make sure to review the Market Direction Portfolio as there were a number of trades today in this portfolio. More trades are planned for Wednesday.
The market breadth indicator analysis and outlook is for FullyInformed Members.
Market Breadth Indicator – Advance Decline Numbers Outlook For Sep 25 2019
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