QQQQ -1.40%
IWM -.91%
A general downward drift existed today. The good news in this chart is there wasn't any panic selling. Instead, the markets moved downward a slow pace and downward moves were accompanied by upward movement. However, the market had a clear downward trend for most of the day. Also note the heavy selling on high volume at the end.
Looking at the 6-day chart, today's action looks more like a general sell-off after a strong rally rather than a day when the bears took complete control of the markets.
The QQQQs also had a downward bias, but this one was more pronounced. Instead of a session of solid give and take between bulls and bears, this session looks more like the bears were in more complete control. Also notice the heavy selling at the end of the session on high volume.
However, placing today's action in last week's perspective, we again have a standard sell-off after a solid rally.
The IWMs have the best profile for the day. While there was heavy selling at the opening, the index made a comeback and then had a pattern similar to the SPYs.
And placing today's sell-off in last week's perspective, we have a very mild sell-off after a strong rally.
