Hi Exstasie,
Yes, currently holding within the Orange Channel. It's simply too hard to say if we maintain a TIME correction between $10,300 and $9,493.46 to the end of February or if we take a plunge the last week of February; just before going up exponentially in March. We are still experiencing downward pressure in the indicators from the 2-Day to the Weekly.
Yeah, too hard to say. I'm sticking with "sideways with a chance of dropping to the 50-day or 200-day MA" until something obvious happens.
I personally do not see a significant decline in the equities just yet. I believe they will come back up AGAIN because the FED will lower the rates a minimum of .50% to as much as 1.00% -AND- the FED will provide more "stimulus." We may have to wait one to four weeks for what's going on locally in the equities markets to play out and the FED "reacts" with a rate cut and more stimulus.
My gut tells me it's just a shakeout too. The coronavirus backdrop is the perfect FUD to shake out retail investors and take it back to the highs. Everybody is trying to predict
the crash right now, which means the market will probably keep punishing bears for a while longer into next year.
Thanks. The red support line lines up with the 200-day MA zone as we head into the monthly close. Holding below the 200-day MA would be a bearish signal for me.
