2:50pm ET: Financials under pressure
Financial stocks are trading in the red today. Reflecting that action is the Ishares Financial ETF, IYG, which is breaking $54 support. Making an even stronger statement is the 3x inverse financial bear ETF, the FAZ. Its daily chart below is showing that it finally broke a 5 month resistance level at $45.50.
Update: It’s also worth checking out the 2x short financials, SKF, which is also breaking out.
1:20pm ET: Market Alert! Major averages breaking key support levels
Despite lackluster trading today, the major averages are trading below their 100 day moving averages and these key support levels:
Yet another bearish sign is the SPX breaking its lower channel bound:
1:05pm ET: Intraday support/resistance:
SPX 1290/1300
DTX 516/524
DJIA 12090/12170
Nasdaq 2718.5/2736.5
OEX 574.5/578.5
VIX 17.4/18.6
Trin range: 0.95 – 1.50 (rising Trin is bearish)
Average VWAPs: +28/-72 (mildly bearish)