Financials, retail stocks, semiconductors and the NYA index fell apart yesterday creating market mayhem. The chips are the key to the stock market direction today as the noon hour approaches on the US East Coast.
The SPX is at 2888 and the SOX is at 1531. The bears need SOX below 1526.85, which is only a whisker lower, to create accelerated downside selling in equities. Bulls will continue to stabilize the stock market if they can maintain bullishness for the semiconductors.
Bulls need NYA above 12707 to prove they have the beans to take the stock market higher. Bears need to push SOX below 1526.85 to create market mayhem. If SPX 2833 fails, it is lights out for the stock market and a crash scenario may quickly develop. The beat goes on. Chips matter.
10/6/19;
7:00 PM EST =
10/4/19;
9:00 AM EST =
10/3/19;
11:14 AM EST = -4; signal line is +41
10/2/19;
10:37 AM EST = -20; signal line is +43
10/2/19;
10:34 AM EST = -4; signal line is +46
10/2/19;
10:13 AM EST = +12; signal line is +48
10/2/19;
9:56 AM EST = -4; signal line is +49
10/2/19; 9:41 AM EST = +12; signal line is +51
10/2/19; 9:41 AM EST = +12; signal line is +51
10/1/19;
12:23 PM EST = +26; signal line is +52
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