More Technical Damage Done
Mar 05, 2021 | 10:24 AM EST
All the charts of the major equity indices suffered some form of technical damage Thursday. Indeed, all but one violated its near-term support level. Cumulative market breadth deteriorated further as well.
Still, indicators say markets are now significantly oversold, despite a lack of bottoming signals within a weakening structure.
On the Charts
Source: Worden
All the major equity indices closed lower Thursday with very negative internals and heavy trading volume on the NYSE and Nasdaq as all closed near the mid-points of their intraday ranges.
Every index, with the exception of the Dow Jones Transports (see above), closed below its near-term support level while the S&P 500 and DJIA closed below their 50-day moving averages.