The first day of a new month and there were no buyers. We weren't surprised. As discussed in last night's post, we expected the Nasdaq futures to retrace between 62-78% and reverse. That gives us a lower high and now we expect a lower low to follow very shortly. My prelim. target is 2250 or 1.272 Fib. ext. as depicted above.
Of the three focus list shorts, highlighted last night, only one triggered. ACOM gave us a fast move down right out of the gate. After three consecutive days lower, we expect the name to consolidate.