Coming into the day there were two sides to trading the open: On one side the stock market refused to sell into the close last Friday. Was the market exhausted or were buyers holding the bid?
The other side was the turmoil in China dragging us down pre-market.
There wasn’t a question about whether we were opening lower, the question on the tape at 9:30 is whether Friday’s positive close in the SPY was real.
Stock Market Recap Inside Days Rule | 8.31.15
The charts gave us some clean trading patterns despite the big picture indecision. There were quite a few stocks that have clawed their way back above the 20ema and 50 sma on the daily chart.
When all was said an done the SPY closed near the open after some afternoon selling. Despite the apathy, inside day set ups on the daily charts gave a some nice trends days.
Watch today’s stock market recap video to see whether trades from today’s game plan paid us or became a business expense…
Wall Street’s worst month in three years ends on a sour note
Wall Street ended lower on Monday and wrapped up its worst month since 2012 after comments from a senior Federal Reserve official heightened fears among investors of a potential U.S. interest hike in September.
Fed Vice Chairman Stanley Fischer on Saturday said U.S. inflation would likely rebound as pressure from the dollar fades, allowing the Fed to raise interest rates gradually.
Many analysts took Fischer’s comments as a sign the Fed would raise rates in September, instead of December. That shook investors who were already jumpy after weeks of turbulence caused by concerns about a stumbling Chinese economy.
Continue reading on reuters.com