Morning Report – April 28, 2014
Friday was yet another distribution day for the NASDAQ Composite. In spite of the selling, the Composite remains within the trading range between my critical support level of 4000 and short-term resistance in the 4190 to 4200 range. Volume on Friday was just slightly under the 21 day moving average, so even though the percentage loss was large, -1.75%, most institutions do not seem to be unloading positions at a unusually high rate.
It was a 5 to 1 down day declining issues over advancing issues, which was true for many of the indexes shown below. Any index .20 or below had decliners leading advancers by at least a 5 to 1 margin. Money flowed into the safety of Utilities, which had a 6.50 to 1 up day, advancers over decliners. Read Full Report