The major stock indexes traded at session lows Thursday afternoon, as the stock market's complexion worsened. X The Nasdaq composite slid 1. Both indexes slipped below their day moving averages, which could indicate a change in market direction to the downside.
The Russell fell 0. The Dow Jones industrial average was off 0. Cisco sank back to the lows of a pattern it has been shaping since May. Volume on both exchanges was tracking higher than Wednesday's levels in the stock market today. That added to the day's bearish tone because it indicates that institutional investors are selling more shares than normal.
It also worsens a trend of institutional selling in the past couple of weeks. Breadth was bearish also. A few top-rated stocks suffered significant losses and flashed sell signals, or otherwise behaved bearishly.
Celgene CELG fell below its day moving average. While that's a troubling move, volume was only average, meaning the stock still has a chance to hold above its Chinese internet retailer JD. Investors ran for some other leading Chinese stocks.
Both are extended from buy zones. Get instant access to exclusive stock lists, expert market analysis and educational tools with a free trial to IBD Digital. Get market updates, educational videos, webinars, and stock analysis. Learn how you can make more money with IBD's investing tools, top-performing stock lists, and educational content. Stock Market Today The major stock indexes traded at session lows Thursday afternoon, as the stock market's complexion worsened.More...