By Markus Heitkoetter
Stocks extended yesterday’s losses with the S&P losing 14 points. The DOW had triple digit losses, down 117 points.
Small cap stocks and tech stocks were hit hardest today. The NASDAQ had its biggest slide in 2 months, down -1.35%. The Russell 2000 lost -1.23% and is down -3.0% in the last 2 trading days.
Traders will look for some guidance from the Fed tomorrow, with Fed Minutes being released at 2pm ET. Meeting minutes will often reveal the Fed’s view on the economy, and whether the Fed is more or less likely to start raising interest rates.
Today’s sell-off produced a Power Crossover Method Downtrend signal in Tesla Motors (TSLA). The stock ended the day down -1.61%.
If the sell-off continues we’ll need to see a break below $214.24 in the next 3 sessions to have a valid Sell Signal.