No major data today.
Dow: HH, HL, closed in upside down hammer with lower volume. Hit 50MA and pulled back. Bearish.
Nasdaq: Bearish Engulfing with lower volume. Bearish.
S &P: HH.HL,Closed in gravestone with lower volume.Bearish.
VIX: LH,LL, hammer,Bullish.
By the close, all three major market indexes had given back their early gains to finish narrowly below short-term support levels -- opening the door for either an oversold bounce or a fresh wave of selling pressure on Tuesday.
A chopping day tomorrow?
My position review: MRVL
It s way up at the UP BB. Today it retrace back and closed by 2.72% down, which is expected. It needs to retrace back after such a big up. Currently the whole Tech section is weak by 1.09% down. I need to keep close watch on this one. From the recently two years' data. The price broke up the Up BB, only at the uptrend that the price kept going up.. Currently the price trend for MRVL is down so it s unclear for the particular direction.
MA 7 day is above MA 14, but MA 14 is below MA 25. A little bit unsafe here for the short side. STO is high, MACD is higher, price went down with volume about average. Since this stock is hot now, 1 or 2 more days to watch along with the direction of the market to decide whether to hold it for longer term or close the position. Basically the intermediate term is bearish for the market. And the Hinderberg Omen has got 3rd confirmation. So be cautious.
Calendar (All Eastern times)
Tuesday, 10:00am, Existing Home Sales, 4.75M
Wednesday, 8:30am, Durable Orders 3.1%
Wednesday, 8:30am, Durable Goods -ex. Transportation, 0.5%
Wednesday, 10:00am, New Home Sales, 330K
Wednesday, 10:30am, Crude Inventories
Thursday, 8:30am, Initial Claims, 485K
Thursday, 8:30am, Continuing Claims, 4515K
Friday, 8:30am, GDP - Second Estimate, 1.4%
Friday, 8:30am, GDP Deflator - Second Estimate, 1.8%
Friday, 9:55am, U Michigan Consumer Sentiment - Final, 69.4
It is likely to be negative for that house index.. So it will be not surprising to see the market down tomorrow.
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