Stocks Sell Off Again Today
Stocks sold off again today and are testing support. This moving average has supported all of the pullbacks since this rally began. If the S&P breaks this average and the slope of the average turns down, the short term trend will turn down as well and it's quite possible some kind of correction or consolidation will take place.
A few days ago I posted a chart which shows how the bond market leads stocks. If this bond/stock relationship continues to hold up, stocks should come under selling pressure going into August.
Posts
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_4.gif)
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_4.gif)
![[Most Recent Exchange Rate from www.kitco.com]](http://www.weblinks247.com/exrate/24hr-euro-small.gif)
1 comment:
Good chart. Yesterday I saw so many charts on the web where people are drawing linear trendlines and last two months just do not sit on the linear trendline.
Your simple moving average is touching all the supports and resistances better than a line.
Post a Comment