Tuesday, September 29, 2015

Market teeters on major technical support.............

Market teeters on major technical support

The S&P 500 is challenging major technical support, and vulnerable to a potentially material incremental leg lower. As illustrated, the S&P has extended its downturn, plunging to major support.

Similarly, the Dow Jones Industrial Average has reached a major technical test. Consider that the September low rests at 15,980, and the index bottomed Monday at 15,981.


And the Nasdaq Composite  has plunged to one-month lows punctuating a failed test of resistance.

Technically, the market backdrop remains firmly bearish, and the major benchmarks are vulnerable to potentially material incremental losses.

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