QQQQ -1.97%
IWM -1.42%
All the markets tried to rally today, but just couldn't keep the momentum going. Once all of the averages broke support it was look out below. The QQQQs led the way, but the SPYs and IWMs were quick to make up for lost time. The bottom line is charts like those above indicate the market is now -- once again -- looking for a bottom somewhere and not finding a convincing level.
Last week's rally is gone.
The QQQQs really didn't have much of a rally last week. But they are still hurting pretty badly.
Last week's rally is nearly gone.
The luster of the Fed's rate cuts is definitely gone. The markets are realizing the underlying reason the Fed made its rate cuts -- a terrible underlying economy.
