Today:
This was a big and likely indicative day. The DOW broke below 2 previous daily closing highs of importance that strongly suggest (if confirmed tomorrow) that the 200-day MA, currently at 41813 (1400 points lower), will become a viable target. The NASDAQ broke a pivotal daily close support at 20847 that was also very pivotal and that suggests the 20186 level will likely be seen tomorrow (200-day MA is there) and if the index closes tomorrow (Friday) below 20391, it could mean a lot more downside is to come.
The SPX is the only one that did not break anything of consequence today but is only 34 points away from breaking 2 levels of pivotal importance at 5836 and at 5827. The channel line I have been mentioning is only 50 points away (below).
One of the culprits today and that triggered a lot of the selling was NVDA, It reported earnings last night and though they were slightly better than expected and the stock opened slightly higher, the stock closed 9% lower and broke the 200-day MA. If the stock closes lower tomorrow by more than $.08 cents, a pivotal weekly close support level will be broken and if it closes $4.50 lower tomorrow a big sell signal on the daily closing chart will occur that will also confirm the break of the 200-day MA and generate a trend change.
Most (if not all) of the movement down seen the last 2 weeks, has been due to Trump's action.
One thing everyone here (especially the blind-by-choice Trump supporters) is that was in involved with the stock market is well-informed moneyed pockets. This is not people opening their mouths to opine but people putting their money where their mouths are. As such, these moves are indicative and these moves show that the moneyed people are worried and even negative as to what is to come to the nation's economy.
Bear that in mind.
This was a big and likely indicative day. The DOW broke below 2 previous daily closing highs of importance that strongly suggest (if confirmed tomorrow) that the 200-day MA, currently at 41813 (1400 points lower), will become a viable target. The NASDAQ broke a pivotal daily close support at 20847 that was also very pivotal and that suggests the 20186 level will likely be seen tomorrow (200-day MA is there) and if the index closes tomorrow (Friday) below 20391, it could mean a lot more downside is to come.
The SPX is the only one that did not break anything of consequence today but is only 34 points away from breaking 2 levels of pivotal importance at 5836 and at 5827. The channel line I have been mentioning is only 50 points away (below).
One of the culprits today and that triggered a lot of the selling was NVDA, It reported earnings last night and though they were slightly better than expected and the stock opened slightly higher, the stock closed 9% lower and broke the 200-day MA. If the stock closes lower tomorrow by more than $.08 cents, a pivotal weekly close support level will be broken and if it closes $4.50 lower tomorrow a big sell signal on the daily closing chart will occur that will also confirm the break of the 200-day MA and generate a trend change.
Most (if not all) of the movement down seen the last 2 weeks, has been due to Trump's action.
One thing everyone here (especially the blind-by-choice Trump supporters) is that was in involved with the stock market is well-informed moneyed pockets. This is not people opening their mouths to opine but people putting their money where their mouths are. As such, these moves are indicative and these moves show that the moneyed people are worried and even negative as to what is to come to the nation's economy.
Bear that in mind.
