-- US Home prices dropped 15% year over year.
-- Consumer confidence dropped
-- Corporate profits are seen dropping 10%
-- Circuit City is up for sale.
-- Dow Chemicals raised prices 25% due to energy costs
The SPYs dropped on the open, and the rebounded by 10:39 CST. Then they rallied, broke through the 200 minute SMA but couldn't hold the momentum. THey formed a double top and then fell into the close, ending up nearly where they opened the session.
The QQQQs opened by moving lower but quickly rallied into their 50 minute SMA. They moved sideways until a bit before 1 PM CST when they tried to move through the 200 minute SMA. But they couldn't maintain momentum and gell into the close.
The IWMs opened with a move to the downside where they formed a double bottom. They rose through the 50 minute SMA, but then trended down for the rest of the day.
