Ugly sell off day in the market. Bears were in complete control on a bid less big volume trend down day and closed at low of the day.
Question is what happens now. Technically , this is second close below 50 MA withing a week. Bearish and should have some follow through. Minor support on 100 MA 241.50 and major support on 240. At the same time every big red day lately has been followed by a bounce next day as bears just couldn’t have any follow through. Dip buyers has been spoiled and buy the dip strategy has worked well. There will be a time when dip buying no longer works, if that happens, market might see some panic move down.We don’t know if it will happen this time but something to keep in mind. Slim picking for the watch list. We will watch mostly our “go to” tech names.
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