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OPINION

Change in Script

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A big reversal after giving up solid gains is worth siting up and taking notice. The 2016 script had been markets up with a little pop then gyrate for a few moments before drifting to the unchanged market. From there, the downside comes faster as that snowball becomes a boulder of doubt, frustration and fear. The five-day chart shows us all we need to know for direction.

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Resistance begins at 16,500 with the breakout occurring through 16,600 (closing basis).

Support of 16,000 is more than symbolic, and its inability to hold would land the index to 15,666.

DJIA

Unfortunately, the carnage is still cringe-worthy as there are only 3 stocks at 52-week highs on the NYSE versus 685 at new lows. Even the momentum darlings are struggling with Amazon higher on reports of a 32% increase in Prime membership and Facebook edging higher.

We came into the session with red light conditions (meaning don’t buy anything), and it’s still the best course of action. We’re seeing a change in the 2016 script, but it is way too early to say it will be a happy ending.

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