Market Lab Report - Premarket Pulse 10/14/15
|Published:||14 Oct 2015 13:07 ET|
Major averages reversed to close lower on higher volume yesterday after trading up earlier in the day with the NASDAQ Composite closing below its 50-day moving average. This bearish technical action, taken together with the distribution day that occurred on the S&P 500 on the second day after its recent follow through bodes negatively for the market. As we stated in an earlier report, when a major average has a distribution day so soon after its follow through day, it usually means a failed FTD. Plus, the number of actionable stocks remains scant, and those that do show actionable signals are unable to follow-through with any meaningful gains. Still, with easy money manipulations by central banks, rallies can endure longer than expected, invalidating years of historical statistics. So watch the stocks.
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