...The sector action shows some minor buying in gold and bonds. The rest of the pack is firmly lower with the Broker/Dealer Index (XBD), Regional Bank HOLDRS (RKH), SPDR Homebuilders (XHB), and Cyclical Index (CYC) among the weakest areas.
I ended yesterday session noting that the Dow had pulled back to test support from its recent highs. The extended intraday chart shows that the support has now been broken. Keep in eye on the short-term Relative Strength Index (RSI). The RSI reading for both the SPX and DJIA has declined to levels that marked the end of the mid-August pullback. I will follow up after the close with more thoughts on that...MORE Charts
Tuesday, September 1, 2009
Schaeffer's Mid-Day Market Check: Dow Drops 180 points...