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MLR - PMP 9/23/14

Major averages fell on slightly above average volume. Leading stocks are getting hit hard once again. The S&P 500 and NASDAQ Composite are a little more than 1% off their highs, but both appear to be set to test their 50-day moving averages, which could provide an area of support. However, leading stocks are coming apart as we've seen with names like TSLA and NFLX, for example. Both stocks are failing at their 50-day moving averages with TSLA looking like a potential late-stage failed-base situation while NFLX has more POD-like characteristics as it busts through its own 50-day moving average as both stocks look to be headed lower this morning.

The MDM sits on a sell signal but will be quick to switch back to a buy signal should the uptrend resume. That said, corrections in this QE environment come fast so it will be a question of when to switch back to a buy signal. Futures are currently trading lower at the time of this writing as the market is set to start the day with a decidedly negative tone.

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