The major indexes tumbled in a broad sell-off Tuesday, as concerns about a slowdown in China and Ireland's debt problems appeared to weigh on the market. European debt worries and China rate-hike fears slammed U.S. stocks, adding to the market's bearish trend.
Traders on Wall Street have been holding back on buying recently, as they await more clarity on the economic outlook for the United States, Europe and China.
Technically, S&P 500 may get a short term rebound at today's support 1173 or next support at 50 days moving average 1150-1160, the last sand of line will be 1130. However, I do not expect the market drop lower than 1130 without a significant rebound.
I expect the market near term sell off will pause after this week. You may want to cover some of your short positions when market hit the major supports I mention above.
No comments:
Post a Comment