Abrupt Reversal In Nasdaq Raises Difficulty Of Summer High

The abrupt reversal in Nasdaq stocks raises a red flag for technicians and signals a possible summer top for the market.
“Gartman said an outside reversal day can be declared if Nasdaq closes below the lows of Wednesday.
It opened at an all-time high but then fell below Wednesday’s low of 144.53, a classic outside reversal.
The Nasdaq composite fell below Wednesday’s low of 6,416, and was trading at 6,366 in afternoon trading.
“History shows 70 to 80 percent of the time if you don’t pay attention to an outside reversal day, especially one as material as this, you will regret it.

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