Thursday, May 24, 2007

Sell-Off Thursday

A later day sell-off brought all the indices into the moving averages they were extended from. Most momentus being the Nasdaq which came down to the 2513 support level established last month and closing below its 20-day MA. The Russell2000 deflated from its all-time highs and dropped back into the channel it was trading in over the previous 6 weeks and through its 20-day MA. The S&P500 came down to its 20-day MA (above average volume) after being over-extended and trying to reach into all-time high territory. Likewise the DJIA coming back into 10-day MA range with above average volume. Correction mode;

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