Yes, the market is running out of time. It has to achieve its upside target by end of day tomorrow. What are those targets? S&P needs to close above 993 to remain above 200 month MA. How significant is that? The last time it closed beneath it was in 1974. Similarly Nasdaq needs to close above 1794 to remain above 200 month MA. How significant is that? It has never closed beneath it, yes not even at its nadir in the 2002-03 bear market. As for the Dow it's safely above its 200 month MA at 8475.
S&P and Nasdaq need to sprint tomorrow to avoid this significant psychological body blow. On the other hand if Dow tanks more than 700 points tomorrow to join others below 200 month MA then watch out below.
3 comments:
are you the same vin from happytrading? if so i really miss your posts, as your insight were often a refreshing contrast and spot on. I was sad to see you go. Best of luck on this new site, as i am excited to continue to hear your thoughts in this challenging market.
jack chen, thanks. Yes I am the same vin.
Hi Vinay,
I had received an email from u that you are making ur blog private and would send out trade alerts. I replied to it asking for instructions on how to have access to it, but got no response. Please lemme know if I need to do anything.
BTW, when did u graduate from IIT D? I graduated in 96 from IIT B. I go into the market couple of yrs ago.... absolutely bad move and have lost quite a bit. So my expectations are to be able to recover my losses.
Regards
Vishal
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