To re-review:
- The market has topped and is generally moving lower based on the rounding top pattern and the downward movement of the 40-week (200-day) moving average (blue lines).
- In the shorter-term, things are moving sideways between 16,500 and 15,500. That's a pretty broad range leading to some quick, big moves both up and down.
- We still think a move below 15,500 would be bad and a move below 15,000 would be worse from a technical damage perspective.
- Assuming no big, non-technical event influences things, we'd expect the market to continue moving sideways until the 200-day moving average pulls into range. At that point, the market will feel more pressure to move lower.
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