Be Ready This Week! WATCH VIDEO: bit.ly/1gLyqR1 The S&P 500 continued to sell off breaking under the 50 day moving average hitting the low of 1814.36 down 17.39 points. So far prices have broken the 50 day and the 100dma and it appears to be significant weakness in the overall market. Traders need to be mindful though that the swing from the April 4 high to April 11 could be an ABC pattern because it almost measures very closely in proportion were measured move within two dollars. So if we are to see any kind of rally or recovery it would happen on Monday attempting to retest the 1840 level. It is still our belief though that there has been damage done in this overall market and that if we start to exceed the 1800 level we will see a significant dropped to 1760 in the S&P 500. We do believe that the range we could go slightly lower the 1740 low level should hold this potential sell off. Prices should either rally off of the 1800 level and if not we will see up 40 point dropped very likely. Traders need to be mindful that although we still feel that there is a bearish move and potential top may be in we still need to see more significant signs of that but we do believe we are seeing some significant damage. Keep in mind that the changing trend dates as this may help determine counter moves or potential acceleration of the trend. #stocks #stockpicks #trading #stockmarket #markets $ROX $GNK $COST $NG $FCEL $AMRS $GPL $RNN $BLDP
Posted on: Mon, 14 Apr 2014 02:26:30 +0000
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