Death and golden crosses often retrace to one of the 2 MA's before continuing the move in the direction of the cross. I find this in more than 60% of intermediate term moves.
Economic cycles have turned south. Many firms have revised guidance lower and right before earnings season, while the IMF has boosted international GDP projections. In whom do you have faith?
In the US, major indexes have a greater than 50% chance of retesting the shoulders on the H&S tops we have been seeing.
But there is a hard line of support on the DOW at 10K. If the big boys capitulate at the neckline, its "Mark Twain, No Bottom!"
5 comments:
Shhh...I don't want to jinx this but didn't we just have a "death cross" on the S&P 500?
Not everyone thinks it means something. I think it is clear where I stand but where are you (and everyone else)?
Is anyone voting? Looks like it is not taking any votes.
I'm already betting (since May) on the downside. I see nothing positive economically, some misleading positive headlines that do not hold up.
Death and golden crosses often retrace to one of the 2 MA's before continuing the move in the direction of the cross. I find this in more than 60% of intermediate term moves.
Economic cycles have turned south. Many firms have revised guidance lower and right before earnings season, while the IMF has boosted international GDP projections. In whom do you have faith?
In the US, major indexes have a greater than 50% chance of retesting the shoulders on the H&S tops we have been seeing.
But there is a hard line of support on the DOW at 10K. If the big boys capitulate at the neckline, its "Mark Twain, No Bottom!"
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