Blue Chips Break Several Layers of Support as Market Caves

by Harry Boxer The Technical Trader The markets had a very negative session, ending very near the lows for the day going away. The day started out with a slight move up, but that was it for the highs for the day. They then stair-stepped their way down sharply in the morning, bouncing mid-day. Although the Nasdaq 100 did better during that portion of the session, it also failed to take out earlier rally higher resistance. In the afternoon, when the S&P and Dow continued to make lower lows, Nasdaq kept holding support, but it finally did cave in the last hour,as well, and then all three were in unison on the downside going into the last 30 minutes or so. Net on the day the Dow was down 283, the S&P 500 down just under 30, and the Nasdaq 100 about 28 1/2. The Philadelphia Semiconductor Index (SOXX) was down nearly 15 today, or... [read full story]