High intensity selling has been evident in the USA in both the NYSE and Nasdaq recently. On Friday, volumes reached 1038 M down versus only 289 M up for the NYSE, or roughly 4:1. Worse for the Nasdaq: Volumes 1451 M down versus only 239 up or a bias of over 5:1 down. Similar strong selling patterns emerged during sell offs in 2002 I gather.
US analyst John Murphy suggested Saturday that the time for a rebound into a Summer Rally was passing and set an intermediate downward target for the S&P500 in the 975-1025 zone, if no decent rally ensues shortly. US investors may benefit from remaining cashed up pro tem.
US Energy, commodites and materials sectors have largely been the great successes of the last 18 months, as here locally. But stress is showing a tad in some.
The Morgan Stanley Commodities Equities Index. Now drooping in recent days. ( You will need to cut and paste unfortunately, but well worth the look. )
http://stockcharts.com/gallery?$CRX
Broader indexes such as the US Nasdaq have been rounding over, and selling off lately, making lower lows and highs.
http://stockcharts.com/gallery?$COMPQ
Incidentally most US stocks, sector indexes, can be charted and comparative sector lists maintained per the free local Incredible Charts download. The three year weekly graph for Intel INTC is worth a glance for comparison with the bearish first half of 2002 that lead to the July 2002 sell off, once the Nasdaq menu has been loaded, under Securities.
