The current bull market in equities continues to lose momentum. On Tuesday the stock market sold off hard in the morning, down to key support before rallying in the afternoon erasing some of the loses.
Both the S&P 500 and the Dow futures dropped down to their respective 50-dma key support before bouncing but the bounce was small and weak, an indication that the 50-dma support is now vulnerable. A clear break is likely to cause a large down day.
Key intraday inflection price level for NQ on Wednesday will be 5920.
-- Resistance is 5975
-- Support is 5890
There are several factors that is very negative for the stock market going forward, and one of them is Hurricane Irma, forecasted to hit Florida and rated at least a category 5., and could bring massive devastation to the region.
