Stocks down, Oil down, Gold down

 Stocks were lower today on bearish economic news and technical support areas breaking down. The rising dollar and continuation of the drop in many commodities wasn’t enough to lend any support to the stock indexes. The Nasdaq actually closed at a lower low than the low on the spike down on July 15th, although today prices didn’t take out the July 15th low, yet. The S&P is still a ways away from the July 15th low, but is trying to hold the July 28th retest of that low. It was surprising to me to see this continuation as I got used to the markets swinging for one or two days in one direction with large range bars, and then abrupt reversals with the markets swinging back the other way. These markets have been quite insidious lately. It is difficult to trust any attempt at a trend starting. Conditions look to be lower, but some short term indicators are touching the bottom, but they can stay oversold for a long time. The above chart is the Dow World Stock index. I drew a yellow line near the July 15th low, that shows a few attempts in the last couple of weeks at holding that support. This index broke the support with enthusiasm today (the tiny bar on the right is the after hours session as I write this).

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