How quickly the market forgets....
The SPYs rose through the early morning, but retreated before lunch and continued correcting until the close. The the clear down channel for the second part of trading today, along with the fact the average closed near its daily lows on high volume. Finally, the SPYs closed right around the 50% Fibonacci retracement level from the Fed induced rally.
Much of the same analysis applies to the QQQQs, with the prime exception being the QQQQs sold-off to their 38% retracement level rather than the 50% level.
Again, much of the same. Note the extremely heavy volume at the end. Once the IWM broke through the lower trend line around 2:30 they sold off on very heavy volume.
Overall, the sell-off shouldn't sell anybody. However, the extreme drop in the last half hour of trading goes beyond a standard sell-off.
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