Market Breakdown Confirms Recession Fears
Friday was a rough day for the markets as key economic reports had the market selling off throughout the day.
The NASDAQ Composite finished down 2.58%, and the S&P 500 fell 2.71%, both on above average distribution volume. This confirms my break of the ascending channel on the S&P 500 to the downside, and has the NASDAQ reversing after showing signs of breaking out of its wedge to the upside.
Both indices are in confirmed bearish trends moving forward, and may very well be on their way to test January lows.
Get a glimpse of the upcoming week for the stock market tomorrow night right here on the blog. See you then.
More on this topic
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US stock markets at crossroads.
(Emerging Index, 3/6/08)
Market Update for March 22, 2008
(Kirk's Market Thoughts, 3/22/08)
A Bullish Sign in the “Golden Cross”?
(Condor Options, 7/2/09)
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