US equity markets slumped hard at the open but recovered to flat within 90 minutes of the open. From there some strong momentum and FOMO in tech names took over and there were strong gains. However late in the day, the enthusiasm fizzed and most markets closed near flat, which also left them close to flat on the week.
On the day:
- S&P 500 flat
- Nasdaq Comp +0.1%
- DJIA -0.6%
- Russell 2000 +0.3%
- Toronto TSX Comp +0.3%
Notably, today was the first day since April 7th that the Nasdaq traded down at least 1.5% intraday but finished the day positive.
On the week:
- S&P 500 +0.1%
- Nasdaq Comp -0.5%
- DJIA +0.3%
- Russell 2000 -1.8%
- Toronto TSX Comp +1.4%
I can’t say I love the look of the Nasdaq daily chart at the moment. it’s basically flat for two months at a time where there is typical seasonal strength. I fear we might have to restest the 20,000 zone.
This article was written by Adam Button at investinglive.com.