The russel 2k closed right near the 617.61 lows from 5/25, next stop is the Feb lows of 580. We may need a big gap down to break this first line of support. SnP is also supported in the 1040-50 range, closing near 1050 today. Most likely there will be a big hit of bad news gapping thru these levels. Perhaps the retail sales out this week.
Lots of distribution today, especially in the nasdaq. Nas Trin was 315 near the close. SnP trin is 210, also quite bearish. 1500 more decliners than advancers on the nyse.
the russell has now closed solidly below its 200 day ma, confirming the SnP trend change to down.
Monday, June 7, 2010
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