This has become an extremely difficult market to navigate. Though we are still guided by a valid short signal on the indices which was not stopped out today. And tech is simply looking very weak. It is clearly not showing leadership to the upside. And AAPL which is still triggered short continues to lag. It has lost downside momentum but today did a picture perfect test of resistance and moved lower.
Intel, after reporting mixed earnings with a year over year revenue decline was down on the session. So bad earnings are being treated as such. Including IBM which was also down on the session though it did recover from the session lows.
After tech comes the Russell small caps which are not showing leadership either though they have lost much of their downside momentum of last week. Commodities are sending a fairly mixed picture, primarily oil down on the session and not participating in this week’s risk on rally at all.
