Daily chart sell signals were triggered today by my computer trading system in the following major U.S. stock market indexes:
New York Composite Index
Nasdaq Composite Index
S&P 500 Stock Index
S&P 100 Stock Index
Russell 2000 Small Cap Index
After the historic melt-down of 11.8% in 10 trading days from January 26 to February 9, the U.S. stock market posted an equally historic rebound (melt-up) which now appears to have topped out in first-hour trading this morning March 13.
In addition to the sell signals that were triggered in most major stock market indexes today, many key technology stocks like Apple and Amazon also reversed to the downside.
While any number of catalysts could be offered for today's key downside reversal, President Trump's executive order which halted a potential $117 billion merger between Broadcom and Qualcomm was monumental, in my view.
Bottom line: The next major swing in U.S. stock prices will be to the downside. Today's key reversal probably marked the beginning of a sustained sell-off that will test the intra-day lows established on February 9, 2018.
 |
| Apple Daily Chart |
 |
| Nasdaq Composite Daily Chart |
 |
| Russell 2000 Daily Chart |
 |
| S&P 500 Daily Chart |
