Stocks Lose Support

Just reached new lows for the day.

Crude Shows Signs of Firming

I'm not ready to buy yet, but today's chart shows signs of finding support. A doji, which we see on the daily chart (not shown), favors the existing trend, which is currently bearish. Goldman's call for Brent to fall to $105 could yet drive WTI crude oil down to a price level of $90-93, which would put oil at about the price levels of mid-February.

Stocks Find Resistance at 50-Day Moving Average

Both the lower Bollinger Band and 50-day moving average are at about the same level. I would not be surprised to see a bounce off this level in the next few days.

So Let the Buying Begin

As expected! This occurred just at the level I expected -- the 50-day SMA!

S&P 500 Breaks Through Support Also

The S&P 500 Index has also broken through key support at 1330. It is doesn't rebound by the end of the day, or if it goes substantially lower, prices will likely go much lower still in the near future. We may test the lows of last Spring.

The NASDAQ too is plunging, but without support levels, it goes down even faster!

Yesterday's Settlement As Support and Resistance

I have no explanation for this phenomenon, but I have noticed it many times. The previous day's settlement price tends to represent support and resistance. This is one reason why I mark it on my charts every day. Note the red dotted line in these charts is yesterday's settlement price. Note that frequently, prices reverse at that price point. However, if prices continue to bump against that point, eventually, they continue beyond it.