Morning Report – April 8th, 2014
Some strength came into the stock indexes about 1.5 hours before the end of the trading day, but the effort was half-hearted as selling intensified again during the last 1/2 hour of trading.
About 30 minutes before the close, the NASDAQ Composite traded at 57% of its daily range, and was forming a Hammer, but by the close the Comp only managed to close at 33.86% of its daily range. An indecisive candle formed with a large red body, and relatively large wicks at both ends of the candle. The Bears ultimately won the day with the index down 1.2%. Still the lower wick tells us that there was some buying. We need a positive day today to confirm that buyers are out there. Read Full Report