U.S. stocks fell Thursday as shares of technology companies and other high-growth stocks succumbed to another selloff in the government bond market.
After today’s session, the S&P500, Nasdaq and Russell indexes flipped DOWN on a daily timeframe. Dow Jones remains in an UPTREND on all timeframes.
S&P500: Monthly, Weekly and Daily Heikin Ashi Charts
Nasdaq: Monthly, Weekly and Daily Heikin Ashi Charts
FUTURES PRICE LEVELS
The S&P500 index dropped below important short-term support today (green line) erasing all of yesterday’s gains. If it breaks down below the 3900 level overnight or tomorrow, the odds will favor continued selling pressure early next week.
OIL PRICES DROP
Oil registered a significant drop this week after stumbling into long-term resistance at around $66/b. Fundamentally, both supply and demand concerns driven by higher than expected U.S. oil inventory as well as lower than expected demand from the Asian buyers contributed to the status quo. If oil prices continue to stumble over the next several weeks, this will most likely put additional downward pressure on certain U.S. equity sectors.
Oil Futures, weekly