S&P 500 giving a continuation signal. Sending out a big fat sell sign. Projections down to 677 and 484. Anybody have a different take on what I'm seeing. Looks scary to me. JIM
The price chart is not going to tell you that we hit bottom on November 20/21. Using price history is like driving your car while looking in the rear view mirror.....good luck with that! You need to consider the factors that are causitive of stock prices moving higher over the next 5 months here and then try again with your analysis.
Not saying we can't rally at any point, but broad market bottom was not November 20/21. We'll see if maybe your right from here as markets are getting a bit over sold. I'm still gonna look for the market going to new lows in the next 1-3 years. Right now we're tracking the 1929-32 bear in the Dow. Good luck everyone. This economy and political climate feels like swimming in crap.
Well, the market over shot the 677 level by 10 points. Presently we have retraced much of that move down and are moving back up into resistance. It may be time for a continuation of the down side move and see if we can hit 484. There are 2 caveats to that likely hood. The volume off the bottom was significant even though it has mitigated in the last week or so, and the BB expanded with that move up, which indicates some power in that direction. This point is a less probable reversal of the retracement than moving up to the 200 day, but it is possible. Weâll see.
We've bounced off the 200 MA and are back under the 80 Ma. Volume declined and price vs. velocity divergence has shown up. Could be a big move down setting up.