The stock market had a choppy day with the indices backing off into the close not too far from the session lows, although they did bounce in the last five minutes to improve results, but still it was negative results today.
Net on the day, the Dow was down 27.02 at 12,938.67, the S&P 500 down 4.55 to 1357.66, and the Nasdaq 100 down 10.46 at 2579.78.
Advance-declines were about 3 to 2 negative on the New York Stock Exchange, and about 2 to 1 negative on Nasdaq. Up/down volume was about 2 to 1 negative on New York, and Nasdaq had a 3 to 1 negative volume ratio.
It was quite the negative day today, not drastically so, but a decisively negative day indeed.
The Direxion Daily Small Cap Bull 3X Shares (TNA) ultra-long was down 1.42 to 59.79, and the Direxion Daily Financial Bull 3X Shares (FAS) lost 2.95 to 88.60.
Stepping back and reviewing the hourly chart patterns, the indices opened slightly lower, snapped back to the session highs early on, and then retested, bounced, and made lower lows, reaching the lows for the day just around noon. They rallied to midday, could not make higher highs, and then rolled over into the close to retest the lows, but did not break them. Wedge-type patterns did form on the indices today, perhaps a consolidation or perhaps precursor to more downside.
We’ll have to see how it goes tomorrow.