From the Trading Desk

NASDAQ 100 Slammed; Dow and Russell 2000 Higher

Wednesday’s market action was certainly interesting with the NASDAQ 100 coming under a lot of selling pressure. Volume soared as institutions appeared to be leading the charge selling down NASDAQ 100 names. FANG stocks were hit hard and apart from NFLX were able to hold onto key moving averages. Bitcoin hit 11,000 during the session only to experience some volatility. Coinbase and GDAX experienced issues sending cryptocurrencies into a frenzy. Financials were a big win for the Dow and kept the S&P 500 from sliding further into negative territory. The group has had a tremendous two days while we await the next Federal Reserve meeting. Not a terrible session by any stretch, but it did trigger some exit signals. One day does not make a market and for this uptrend to survive we’d like to avoid having another day like we did today.

Commentary is going to be short today. We will need to avoid any accumulation of distribution here from this stock market. It will be key to holding this uptrend. It is the last day of November and we will certainly see volume jump through the roof during the final hour. Continue to execute with flawless precision and remained disciplined. Good luck to your trading!

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