equity markets broke sharply on Tuesday after disappointing housing data
encouraged profit-taking after the recent strong run-up and investors expressed
worry about the strength of the economic recovery. The weakness in the equity
markets was broad-based as all sectors including industrial, energy and
consumer were hit with selling pressure. Strength in regional manufacturing may
have helped limit losses.
The stock market was under pressure overnight following a
technical reversal top on Monday and renewed concerns about the European
banking industry. Investors were also leaning on the market on speculation that
central bank was going to intervene to slow down the pace of the Yuanâ€™s rise.
This further aggravated investors who believed that Chinaâ€™s
decision to allow the Yuan to rise against the Dollar was going to mean bigger
profits for U.S.
exporters and manufacturers.
Investors tried to hold the equity markets in check early in
the trading session but bids were pulled and selling pressure increased when
the U.S. announced that
sales of previously owned homes in the U.S. slipped 2.2% in May to a 5.66
million annual rate. Because the decline came following two months of
increases, traders were surprised by the news. Many blamed the end of the
governmentâ€™s tax incentive program for first time buyers for the loss.
Continuing to weigh on traderâ€™s minds was the debt banking
situation in Europe. Following Mondayâ€™s
downgrade by the Fitch credit rating service of BNP Paribas, traders remained
nervous throughout the day. Investors are now questioning whether other
European banks will face similar crises.
Technically the September E-mini S&P 500 confirmed
Mondayâ€™s closing price reversal top. This chart pattern suggests a 2 to 3 day
break to at least 1083.25 to 1072.50. Traders should watch for a minimum
correction in the September E-mini NASDAQ to 1854.75 to 1834.50. The September
E-mini Dow chart suggests a break to 10073 to 9964 is likely over the
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