Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
Thus far we are seeing a nasty reversal of Friday’s gap and go, a complete 180 in fact. As I type the market is back to where it was at Thursday’s close. That takes care of one of the four gaps I discussed this morning. On an intraday basis the 10 day daily moving average for the S&P 500 is broken (first time in 2013) but we’ll have to see how it ends at the market close. As for breadth – an absolute mess. Worse than many of those days there was the panic selling on the fiscal cliff in late 2012. On the plus side, positive is not excessive.
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