Today’s candle on the Nasdaq chart is not a pretty one. It tried to fill the gap at the start of the week, failed and is now significantly lower on the day; down 0.5%. That’s down 2.6% from the highs today.
There’s still a bit of time left but it’s looking like an ugly outside day. All that’s left holding it together is the 61.8% retracement of the late-March rally. It’s down 8.9% from the high on March 29.
What’s particularly worrisome is that earnings kick off tomorrow with JPMorgan, Delta airlines, Blackrock, Fastenal and Ben, Bath & Beyond. Those conference calls should offer some insightful views on the current state of the economy. JPM CEO Jamie Dimon isn’t shy to share his thoughts and he’s been sounding the alarms on inflation lately.
