Market Recap For 8/4/2015

The market continues with its pullback and the SPX recorded three consecutive down days. It also printed an inside day candle holding in between the Fibonacci 61.8% and the 50% retracement zone. The SPX needs to hold the support level 2079.11.

SPX

(click on the chart to enlarge)


The NDX also closed down on three consecutive days. It is still holding the 4546 support level. It also printed an inside day candle.

NDX




The RUT is sitting right on top of the ‘H’ pattern baseline, and it too printed an inside day candle.

RUT



The market is getting near the day count that could bring a dead cat bounce. Therefore, keep an eye on a potential bounce and watch the direction of the inside day breakout for near term directional clues.