04/12/2018/18:30CET
Here is the daily chart of the DOW.
As you can see we had a rather nice close into the end of last week as optimism started to creep into the market saw a potential easing of the trade dispute (war) between US and China following the G20 in Argentina over the weekend.
I guess the reality of all the ground level indicators have overwhelmed the positive spin on the sentiment today.
From a technical perspective the rejection at the descending trend line was expected. The Dow trades in a descending channel now.
Note the rejection at the money open/close price of 25840 was also the peak of the first strong bounce following the Feb volatility eruption.
The chart is showing us that we are in for pain for the rest of the week in traditional markets.
... unless there is intervention !
S&P
Almost the same story with the S&P500. But this one is already again below the 200dma. Odds are now against the S&P getting over this indicator again in the short term. The rejection level is a previous resistance point.
NASDAQ
Again the same story. Here now solidly below the 200dma. Odds are strong for lower trend.
Apple
Current price action is hanging around some resistance levels from the past, but look at that breath taking plunge!
Hope the #SNB is selling!
Seems that no matter what the stock buyback levels now attempted have no positive effect on price.
Will facebook be a fatality of this market downturn? We are down over 35% from the peak just a bit over 4 months ago.
downtrend channel is clear here. One way ticket doooown!
Alphabet (Google)
Same story as the rest. Seems the 1000usd per share is a very strong support resistance level. There is 80 bucks to go down till we bounce of this again. Odds are we go lower eventually.
I think you get the gist of the picture of the financial world today.
One word: UGLY