Weekly Stock Market Review

The Nasdaq Composite and the S&P broke their bullish trends with their September drops. Only the DOW remained in its bullish trend. When the market is weak investors tend to favor the “safer” DOW. Both the Nasdaq and S&P failed to move back into their bullish trend channel once they plunged below it on Wednesday suggesting further weakness.

Stock Sector analysis reveals wider weakness than is visible in the broader stock indexes. The transportation sector has lost relative strength for seven out of the last eight months and a large 4.1% in September. If there are a decreasing number of packages being delivered it means weakness in the overall economy. Equally troubling were the losses in technology hardware and semiconductors – the backbone of the technology group. Semiconductors crashed by 7.5% and technology hardware lost a large 3.7%. Technology is leading the market south.

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