Indices Close Ahead On Afternoon Comeback
The stock market indices managed to eek out gains today with an afternoon comeback rally, but the morning part of the session was volatile. They opened with big up-gaps this morning, and ran hard for new highs for the entire rally on the S&P 500 just under 1340, but the Nasdaq 100, which did get up to 2352, was far from its high of last week. As a result, they stair-stepped their way lower in a sharp decline, a 5-wave move down to new session lows, taking out the early week’s support lows at 2324, reaching down to 2320. However, the S&P 500 did not confirm, and they worked their way back in a snapback rally for the rest of the session to get back into positive territory. [More...]
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