Some traders figured that today’s debt-deal which passed just a little while ago would bolster bullish bias among stocks and securities in general.
Evidently, that’s not the case.
The Dow Jones Industrial Average (DJIA) is in free-fall mode without any bullish sentiment what-so-ever. The S&P 500 index is not looking any better than the DJIA, either. As early as tomorrow both the S&P 500 and the DJIA could break below support. Both indexes are one days worth of trading from breaching support should a rebounded not occur, soon.
Precious metals are enjoying turmoil which has spread across the market, but that is nothing out of the ordinary. Silver is trending sideways again today as it has since the end of last week. Gold, on the other hand, has reached another 52-week high, and continues to trade directly on top of its 10-day simple moving average.
AAPL is down, IBM too, F-stock just set a new intermediate low during trading today. These are just a handful of companies with the ability to drive the stock market and make a difference across the board.
Since May 2nd, 2011, USA markets in general have been sliding without being able gain an ounce of bullish traction. Wednesday’s trading session tomorrow will be an important one that will provide insight into future market direction after today’s debt-deal sinks into the mind of traders and investors over the course of tonight.