Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

A Quick Pullback After The Recent New Highs! SPX, Nasdaq, CSCO, CF, AGU, MON, GS, WFC, JPM

|Includes:AGU, CF, Cisco Systems, Inc. (CSCO), GS, JPM, MON, WFC

Stocks made new highs earlier this week, with SPX going above 1,900 and the Dow soaring to 16,735! But, yesterday, the mood changed again! SPX managed to close above 1870, while the Dow fell 167 points. Even with CSCO reporting a strong quarter and adding over +6%, Nasdaq fell more than 31 points!

Things have been very volatile. Agriculture stocks were on their way to breakouts, but, quickly pulled back: CF lost almost $9; AGU was down 2.39%; MON fell $1.6. Financials experienced similar developments in the past few days. GS, WFC, and JPM were strong earlier this week, but, in one quick pullback, they are right back to where they started!

SPX

SPX fell 17.68 points to close at 1870.85. It closed right at its 30-day MA. The MACD turned down.

Nasdaq

Nasdaq lost 31.33 points to close at 4069.29. It closed below its daily MAs. The MACD was slightly lower.

SPX looks like it could still be consolidating. Nasdaq, although look weak again, is not too far from the recent base, with support at around 4,000. Things may be too volatile to trade right now. Better to hold mostly cash and just trade lightly. As noted in my Market Forecast this weekend, SPX has support between 1860 to 1850. Let's see how these support levels hold up!

Good night and HappyTrading! ™

Sign up for FREE membership!

Stocks: CSCO, CF, AGU, MON, GS, WFC, JPM