Has The Stock Market Turned The Corner
Over the past few days we've seen the stock market sell off rather sharply and as a result I believe stocks have turned the corner. Today the Dow broke through its January low which I consider to be bearish.
If we take a look at the big picture (weekly chart) you will notice that the uptrend line that began in March of 2009 has been broken. The weekly MACD has also crossed giving a sell signal however I must add that we need to wait until Friday's close (end of the week) to confirm a weekly MACD sell signal.
The fact that the dollar has been strengthening also adds a bearish tone to the stock market. I just wish this scenario happened last month when I was loaded short but hey, that's trading.
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3 comments:
Hi Kev, do you have an objective here? 200DMA might be a first support? That's around 9400 I guess and rising at the moment...
thanks
Hi Kevin. Thank for your lessons of the last years. I have followed it. Do you see any divergence between INDU and UNG. Do you have an upside target for natural gas?
Thanx
P&F chart is showing a bearish target of 9650...see stockcharts.com (for my source)...not a spam plug for the site
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