A sharp sell-off in the various markets on Thursday, including the equities, Crude Oil and metals.
With NQ still in a pullback-down mode, after opening with a large gap-down, an attempted rally in NQ failed as short-sellers again sold rallies. NQ selloff continued all afternoon and into the close, setting up either a gap-down open on Friday or another sharp sell-off on Friday, down to key support 4540 to 4560.
Unless crude oil price can stabilize, and unless NQ can rally and stay above 4610 on Friday, another down day for NQ is likely, next lower support is 4540 - 4560.
The
stock of auction house Sotheby’s tends to peak ahead of the art market
(which seems to have happened again), and when it declines as much as
it has in recent months, it has been a minor warning sign for the
broader stock market (see chart below).
