Market Recap For 8/31/2015

The market started the week with another down day. The Dow Jones Industrial lost more than 100 points today, but the breadth showed improvement. Today in the NYSE, there were only 376 more declining issues than advancing issues, and the up/down volume ratio was 1.2 to 1 favored the down volume. In the Nasdaq, the U/DVOL ratio was 1.8 to 1 favored the down volume and 22 more declining issues than advancing issues. The number of new low has contracted to 42 new low in the NYSE and 27 new low in the Nasdaq.

The SP500 ended today’s session at 1972.18 just below the support level with a loss of -16.69 or -0.84%. The potential resistance remains to be at 2040.24 and the potential support continues to be the October 15, 2014 close at 1862.49.

SPX
(click on the chart to enlarge)



The SPY closed today with a loss of -1.61 or -0.81% at 197.67. The level at 204.40 is the near term potential resistance and the level at 181.92 is the near term support.

SPY




The Nasdaq 100 took the biggest hit today and closed at 4274.58 with a loss of -54.54 or -1.26%. The near term potential resistance remains to be at 4349.93 and the potential support is at 3765.28.

NDX




Today, the Russell 2000 closed at 1159.45 with a small loss of -3.46 or -0.30%. The near term potential resistance continues to be the 2/2/15 price gap between 1175.51 and 1180.06, and the October closing low at 1049.30 remains to be the potential support.

RUT




The market is still biased in the downward direction. Until the market shows more evidence that it is ready to reverse direction, one should continue to be cautious and remain patient.