Home Virtual Currency Events Will The Negative Momentum Continue?

Will The Negative Momentum Continue?

Two days ago, on Monday, the Wall Street indices started the week high and lost momentum throughout the day, closing near their daily lowest. The weakness had continued to yesterday’s trading (Tuesday). The S&P got rejected upon testing the tough resistance at 2800 – 2820.

The market began by declines of 0.2 – 0.5 %; however, it didn’t take long for the market to recover, which showed that there is still not much selling pressure around. Throughout the day, the indices even moved to the positive territory up to +0.2%. But during the last half hour of trading, the sellers turned the indices back to the red side.

Closing remarks

S&P dropped 0.08% to 2794, trading in a very tight range today 2790-2803. Support at 2780, 2760, 2740. Resistance lies at 2800-2820 and 2860.

DOW lost 0.13% to 26058, support at the 26000 level still hold, while resistance lies at 26150. Support levels: 26000, 25500, 25100. Resistance levels: 26250 – 26300 and the all-time high.

NASDAQ lost 0.07% to 7549, whereas the daily support lies at 7535 and the daily resistance lies at 7570. Support levels: 7465 – 7500, 7400, 7200. Resistance levels: 7570, 7670, 7750.

The sellers managed to push the market lower, however then the buyers came to keep the prices up. However, the bearish sellers seem to be with their hands on. The trading volume of the sellers’ candles are much higher than the buyers’.

Following two green months, the Russell 2000 index made a reversal upon the 200-days moving average line. The Russell 2000 usually tends to predict the next market’s direction. To sum it up, caution is required from one side, but, facts are that the leading stocks are back in business with decent gains over the past weeks.

Significant Gainers and Losers

GREEN: DDS +19.8%, SERV +16.5%, ESTY +16.3%, AERI +14.8%, THC +11.2%, TFCH +10.8%, MNK +10.2%, and unstoppable MRNA + 9.5% % (was even +18% intraday), WP +8.2%, IMMU +7%, CRON +6.9% following Monday’s crash.

After-hours trade: TNDM is rising by almost 20% following fabulous reports with great results, better than expected.

RED: CDEV -22.6%, MEDP -22%, RLGY -20.7%, MDB declined 8.9%, ETRN -7.6%


Source link

Must Read

A New Research Compares Bitcoin With Visa, MasterCard & PayPal Against Several Indicators

DataLight, a cryptocurrencies data analytics platform issues a report that compared Bitcoin, Visa, MasterCard, and PayPal as a method of payment. The report weighs...

Why is Facebook doing robotics research? – TechCrunch

It’s a bit strange to hear that the world’s leading social network is pursuing research in robotics rather than, say, making search useful, but...

Malta First To Run a Government Agency on a Blockchain System

The announcement was made by one of the country’s leading blockchain advocates, Silvio Schembri, who is the Parliamentary Secretary for Financial Services. Visiting the...

Overstock CEO Sells Shares in His Company to Invest in Blockchain Projects

Patrick Byrne, the chief executive officer of Overstock.com (OSTK), has recently lashed out at investors who questioned his sale of 900,000 of his ‘founders...

Bytom Hosts a Digital Assets Conference in New York Blockchain Week and Announces the Launch of 2019 Bytom Global Dev Competition

NEW YORK, NY / ACCESSWIRE / May 19, 2019 / New York, May 14th - Bytom announces its launch of 2019 Bytom Global Dev...
error: Content is protected !!