What a wild day this was. A fierce early rally attempt took the Dow up 100 points but then the bears put the smack down. The result was another of those broad-based down days. (I know Worden was having a fit today thanks to yet another day with extreme readings.) Retail and airlines (thanks to oil I guess) were the only sectors which closed up for the day. The index that really stood out today was the Dow Utilities Index which was down 2.71% on a huge increase in volume. Rising interest rates get the blame for this move.

This morning I wrote that I would be looking for shorts as long as my intraday indicators were bearish. As you already know, I use moving averages to tell me to be a bear or a bull. Those moving averages saved me from falling for the early rally this morning. By 10:30 there was a nice set-up showing on QQQQ. Once the low of the 10:00 candle was broken I jumped in.

It was a distribution day for the Nasdaq as it broke its March uptrend. I’m looking for the bulls to put up a fight around 2,525 again.

Looks like a retest of 1,500 is coming up for the S&P, which also broke its March uptrend today.

After a failed breakout the Russell 2,000 is heading for its 50-day moving average again. That’s been the magic buy spot since late March… will it work this time too?

With the 10-day moving average breaks all the short-term trends are down.