The NASDAQ is getting slammed below the recent up-trending support line as it trades below the June low (intraday action). If the NASDAQ closes below the June low, the attempted rally would be completely erased. Looking at the NH-NL ratio for the NASDAQ, we can see how new lows are rocketing higher as new highs are plummeting to almost nothing today. New lows use the number scale to the left of the chart while new highs use the number scale to the right of the chart.
Crude oil is also up over 2.5% as it broke above the resistance level of $75 a barrel. The daily chart highlights the break above the trading zone between $70 and $75. I told you to cover all “long” losing positions last night or positions that were turning against you with a slight gain. I will be very interested to see how the afternoon finishes and will update the day’s action on the daily screen tonight with all interactive charts telling the story in real time.
Piranha
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