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Let’s state the obvious: Friday was bad. All you have to do is look at the chart to know that it was bad. In terms of breadth, there were 523 4% or higher breakdowns Friday on heavier volume. That was the highest number we’ve seen since June 20, 2013, when we 628 breakdowns. That number (528) confirms what the chart of the Nasdaq seems to show – Friday’s action was likely a gamechanger.The bad news when looking at the numbers above is that back in June, the market was already oversold at that point and didn’t have much further to fall. It did sell off two more days following the June 20 selloff, but compared to where we are now, it was much worse when the selloff occured. This is strictly …
via Chart Swing Trader:
Let’s state the obvious: Friday was bad. All you have to do is look at the chart to know that it was bad. In terms of breadth, there were 523 4% or higher breakdowns Friday on heavier volume. That was the highest number we’ve seen since June 20, 2013, when we 628…
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For more info: Friday Was Bad, But It Could Get Worse
The post Friday Was Bad, But It Could Get Worse appeared first on FX FOREX.
