- The 1840 level on the S&P 500 that had provided pretty reliable support failed decisively.
- The S&P 500 registered another negative outside reversal day (a day in which both the intraday high is higher than the previous day's intraday high and the close is lower than the previous day's intraday low), which brings the total number of negative outside reversal days to six over the last three months.
- The Index finished down by more than 2%.
Thursday, April 10, 2014
A Triple Whammy Day For SPX: 1840 Support Broken, Negative Outside Reversal, Down by More than 2%
Today is a day that will test the persistence of this market rally. A few events came together that to us suggest a level of distribution. They are: