The major averages began the new trading week on a down note with the S&P (-0.7%) settling beneath its 100-day moving average (2,085) for the first time since late March. The index retreated into the afternoon while the Nasdaq (-0.9%) underperformed throughout the day. Volumes were very low.
CHRS and XON triggered long today and acted well against a soft backdrop.
Right now the Dow, Nasdaq and S&P have broken their 50 day simple moving averages and the Russell 2000 is close, so the next few days should be interesting.
Biotech acted decently today considering the tape, but it was rejected again this morning at lateral resistance again.
Right now the market is finding its footing without any catalysts present. We’ll see if the bulls step up in this light volume market. It’s theirs for the taking of they want it.
See you in the morning.