Morpheus Trading: Stocks sold off in the morning session and (once again) into the close, resulting in losses of roughly 1% or lower in each of the major indices. However, turnover was lighter on both exchanges, so it was technically not a distribution day. Although some leading stocks sold off by 4% or more, we did not see heavy volume technical damage to the charts, which is our main concern when the broad market is in pullback mode.
Taking an updated look at the NASDAQ Composite, a break below the 20-day exponential moving average should lead to a test of the 3,700 level, where there is a significant area of support from the prior highs of the last base, as well as the rising 10-week moving average (or 50-day moving average):
PowerShares Aerospace & Defense ETF (NYSEARCA:PPA), which we initially analyzed last week, has pulled back alongside of the major averages, and is now attempting to hold support of its rising 50-day moving average (the prior low-risk buy point two days ago).(...)Click here to continue reading the original ETFDailyNews.com article: Two ETFs That Could See Some Buying InterestYou are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)
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