Market Recap For 9/1/2015

The market greeted the month of September with a big selloff. Today’s selloff was accompanied with huge downside volume. In the NYSE, the U/DVOL ratio was 23 to 1, and in the Nasdaq, the ratio was 8.4 to 1. The declining issues dominated the advancing issues throughout today’s session. There were 2743 decliners and 448 advancers in the NYSE. In the Nasdaq, 2306 issues have declined and 575 issues have advanced. Although majority of the stocks were down today, but most of them held above their 52 week low. There were 102 stocks made new 52 week low today in the NYSE vs 1336 stocks made new 52 week low on August 24, 2015. In the coming days, the market could go down to test the recent low or it could just chop around to form a consolidation base before it decides which direction to move.

The SP500 has failed to hold within the 1193-1948 range and closed at 1913.85 with a loss of -58.33 or -2.96%. If it fails to find intermediate support and fails to move above last Friday’s high at 1993.48, then it could move toward the potential support level at 1862.49. The near term resistance level continues to be at 2040.24.

SPX

(click the chart to enlarge)



The SPY closed at 191.77 today with a loss of -5.90 or -2.98%. The level at 204.40 still is the potential resistance and the October 2014 low remains to be the potential support.

SPY




The Nasdaq 100 finished the session with a loss of 131.95 points or -3.09% and closed at 4142.63. The potential resistance remains to be at 4349.93 and the potential support continues to be at 3765.28. The December closing low at 4089.60 could be a possible short term support.

NDX




The Russell 2000 ended the session at 1128.05 with a loss of -31.40 or -2.71%. It has dipped below the December closing low once again. The potential support continues to be the October 2014 closing low at 1049.30 and the potential resistance remains to be the price gap between 1175.51 and 1180.06.

RUT




The market is still highly volatile with huge moves and large opening gaps. It probably will not give any clues on whether the trend has changed until it has reached the October 2014 level or the support level prior to the August 21, 2015 breakdown. Until the market has showed its intention, it would be prudent to move to the sideline.