Stocks Are Still Hanging by a Thread
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I continue to be amazed by how differently the NASDAQ and the S&P 500 charts can look and act. I know they're two completely different indices, but they're
also supposed to be (relatively) marketwide barometers. Yet, the S&P 500 is still holding up reasonably well,
while the NASDAQ continues to struggle. We have to look at both again, since the disparity between the two is the crux of the matter right now.
The good news is, the S&P 500 did end up finding support around 1840, which was the key floor we've been eying for a while. It didn't quite reach it, but it was close enough today to say we tested and pushed off of that support area. In fact, that low and subsequent bounce off what's become a fairly long-standing support level may be the beginning of a bounce back to the upper edge of the S&P 500's recent range... at 1884.
