Market Recap for Thursday, August 10, 2017
Technology (XLK, -1.97%) and financials (XLF, -1.78) led a steep selloff in equities on Thursday. It wasn’t the worst day of the year for the NASDAQ, but it was pretty close. That aggressive index lost both its 20 day EMA and 50 day SMA yesterday and futures are lower again this morning. Prepare for more weakness. We’ll get a temporary bounce soon, but it’s not likely to last as another significant leg lower will probably follow.