Stock Indices Close Below Their 50 Day Moving Averages
If you've been reading my blog over the past few days you would know that I've been leaning towards the bearish side of the market. Just to summarize what I was seeing that made me become cautious/bearish was the weakness in the homebuilders, banks and small cap stocks,
Today we saw stocks get hammered with just about all the indices in the red. In the above daily chart you'll notice that the NASDAQ and S&P have closed below their 50 day moving averages. I was expecting some kind of short covering today at the 50 day average but we didn't see that.
In my opinion I think we will see further weakness for stocks in the days and weeks to come but that remains to be seen. As always, lets see what happens!
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1 comment:
Kevin,
Assume you thought that my previous attempt to contact you was spam. As there is no email address on your blog - bit difficult to try and contact you any other way.
In any event, have a look at fundsforum.com if you are interested. It's designed for an new audience that wouldn't see your analysis otherwise. Should be fairly self-explanatory.
I'd like to 'talk' so to speak. But fair enough if it doesn't suit.
Regards
Rohan
(rohanclarke@fundsforum.com.au)
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