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Lower Bob

HAVING TROUBLE PRINTING?
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I was leaning towards the short side of the market, and now that all sectors have turned negative I'm toppling over. The one group that was trying to show some strength was the Healthcare Index (HCX.X).

S&P Healthcare Index (HCX.X) Chart - 60-minute interval

Prices were holding just above the 795 level, but in the last 5 minutes the floodgates have opened up. HCX looks primed to fall back to the 772 level, all the way down to the 50-period moving average, or even further. With the strong sectors now dropping, the bottom is falling out of sectors like the Nasdaq-100 (QQQ).

Nasdaq-100 60-minute Chart

After the QQQ's failed to break out of a head and shoulders bottom, I thought maybe prices were getting ready to form a channel to bounce around in. Nope. I believe the newest pattern is called a freefall. Finding anything resembling support is getting harder and harder.

Jeffrey Canavan
Assistant Analyst
www.PremierMarkets..com

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