More pain ahead


February saw the worst decline since 2016 and March kicked things off with another shellacking. Although the direction points lower in the near term we are still within the primary channel established starting in 2016.

The top of the lower channel lies at 24100 and a break below this will imply a move down to the 21,700-22,000 area. Rising interest rates and tariffs seems to be the prevailing excuse for this correction. Naturally this is nonsense as the pundits always need to assign a fundamental reason to try to explain every move logically.

Comments on this entry are closed.

John Jay March 2, 2018, 5:19 pm

Hi David!
Looking at my YM charts, I see a big bounce on 2-6-18 at 23088, which was very close to the 200 EMA on a daily chart, and 40 EMA on a weekly chart. Of course, since then both of those EMAs have moved upward.
I have the weekly 40 EMA at 23436 and the daily 200 EMA at 23433 at the close today.
So, depending on how long another big drop takes to happen, your 24100 could indeed test at a 40 EMA on a weekly, and a 200 EMA on a daily chart!
Let’s see how the EMAs shuffle around!

none March 2, 2018, 7:45 am

2003, Roman Polanski wins the best director Oscar for his Holocaust film “The Pianist” but cannot travel to Los Angeles for the ceremony because he is wanted in the United States to serve time for the rape of a minor in 1977. The audience responds with a standing ovation.

Standing ovation for a fugitive rapist! Only in Hollywood.

Have a great weekend Rick!

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