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The market was very volatile today. It opened higher, but, quickly faded into the red. Then, it was ranged-bound with violent swings. Financials were on the weak side: GS -8.45% (GS went below $70 today); PRU -11.11%; BAC -4.93%; JPM -3.55%. Commodity-related sectors were stronger. Miners recorded decent gains: ABX +4.26%; AEM +6.62%; PAAS +4.31%.
The Dow closed down 73.27 points; SPX lost 11.78 points; Nasdaq fell 30.66 points:
VIX closed higher by almost +7%. Techs were weak, with SOXX (semiconductors) losing 3.9%. XLF (financials) dropped 2.95%. Commodity-related sectors made some gains: GLD (gold) +1.49%; SLV (silver) +1.21%; USO (oil) +2.38%; GDX (gold miners) +6.44%. FXI (Chinese ADRs) added +3.95%.
SPX
SPX fell 11.78 points to close at 919.21. It closed below its daily MAs. The MACD went up slightly.
Nasdaq
Nasdaq lost 30.66 points to close at 1616.74. It also closed below its daily MAs. The MACD flattened.
The market is still looking weak, although the 10-day MA is peeking above the 20-day MA. Nasdaq closed below the support at 1650. SPX was able to close above its support at 900. The daily MAs are starting to get pinched closer and closer. Any downward movement can push the market to test the recent lows again (SPX 850; Nasdaq 1500). VIX pretty much closed at 60, which could go either way from here. The market is desparately hanging on, but, with financials and the techs weak, it is difficult for the market to rally.
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