June 16, 2022 19:44 GMT
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- All three major indices sank Thursday, with weakness particularly acute in the NASDAQ mini contract as losses mounted into the close.
- The S&P 500 traded at the lowest level since December 2020, with energy names leading losses and particular downside noted in recession-sensitive consumer discretionary names.
- Moving average studies - the 20- and 50-day EMAs - are in a bear mode condition and recent corrections have stalled at price levels around the 50-day EMA. The 50-day EMA is regarded as a key resistance when the market is trending down.
- A broader bearish price sequence of lower lows and lows also clearly highlights a bearish direction and a sell-off to fresh cycle lows in a number of indices this week, has confirmed an extension of this price pattern.