The Dow is on it's worst losing streak since 2011
Stocks have been in a bit of a slump of late as the market reorganises itself ahead of the Fed
The Dow has only gained 3 days out of the last 14 and the technical are said to be getting a little worried about the prospect of a second death cross approaching
Dow daily chart
We've already had one with the 50 dma crossing the 100 dma and now it's heading for a cross of the 200 dma, and that's the biggie in tech terms
A death cross lives up to it's name under the belief that it is a true signal of the end of a trend, and for the Dow we haven't come close to one since the last in Jan 2012. That proved to be temporary down around 12k and the rest, as they say is history.
It's not a tech signal I take much notice of but there's many that do. The problem with this pattern is that it often comes after a big move anyway so it's a hard one to chase. We're currently down nearly 6% from the all time highs and nearly 5% from the July high. Will it turn the market even more bearish, that remains to be seen. Take it as you will
As for the rest of stocks today, the S&P is also looking shaky on the lows at 2069 and the Nasdaq is down 46 at 5010
Europe's stocks closed down on the day (bar Greece) but mostly up on the week
- FTSE -0.4% day +0.33% wk
- Cac -0.7% day +1.4% wk
- Dax -0.8% day +1.6% wk
- Ibex -0.7% day flat wk
- FTSE Mib -0.4% day +0.7% wk
- Greece +1.4% day -16.5% wk