Major U.S. markets were able to hold above Friday's lows in early trade with the better-than-expected new home sales data providing a minor bump. Lame upwards trade persisted into midday with a minor upside bias taking hold in early afternoon action but the averages stalled out near Friday's highs. The retracement accelerated significantly in late trade with the Dow and S&P 500 sliding under Friday's lows (but still above Oct 10th lows) while the Nasdaq Comp, which set a new multi-year low Friday, held above this level and carved out an inside day. Volume was not impressive.
$USD carved out a doji star which foreshadows a retracement, but needs to be confirmed.
Major U.S. markets were able to hold above Friday's lows in early trade with the better-than-expected new home sales data providing a minor bump. Lame upwards trade persisted into midday with a minor upside bias taking hold in early afternoon action but the averages stalled out near Friday's highs. The retracement accelerated significantly in late trade with the Dow and S&P 500 sliding under Friday's lows (but still above Oct 10th lows) while the Nasdaq Comp, which set a new multi-year low Friday, held above this level and carved out an inside day. Volume was not impressive.
$USD carved out a doji star which foreshadows a retracement, but needs to be confirmed.
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