Golden cross- crossed now?
That's some ugly stuff today.
It's going down.
Looks like the last time this happened was in January of 2008, not good!
Attachment 9653
http://finance.yahoo.com/q/ta?s=%5EG...=e50,e200&a=&c=
Yep, any day now Carl will be going to LT sells on his models as the 50/200 EMA is hanging by a string.
I'm not taking it all that seriously - it's a head fake and the 50 day will rebound. Now am I in denial?
-STB
Snort
While the S&P 500 did close this week with a Bearish 50/200SMA Death Cross & a declining 200SMA, I wouldn't go out and scream "the sky is falling" just yet.
If you look through this thread you will see there have been many instance when the Death Cross gave us a fakeout. This is why I like to look at the broader markets as a whole. Looking at the charts below we can see the Transports, NASDAQ & S&P 600 small caps still have a golden cross.
Attachment 9662Attachment 9663
Attachment 9664Attachment 9665
Retired, 50G/50C_ BLOG: Stats for April, 2024 Stats
That's quite the gap in the Nasdaq, JTH. Any thoughts about that vs. the other indices?
"life can only be understood backwards, but it must be lived forwards" - soren kierkegaard
I realize gaps almost always get filled, but the NASDAQ has always been the gappiest. of the major American Indexes. Still, a gap fill is still within the range of the descending price channel. I couldn't even gander a guess because anything could happen at this point, seeing how we are severely oversold on all timeframes.
Attachment 9673
Retired, 50G/50C_ BLOG: Stats for April, 2024 Stats
I think going back up to about 2250 on the Nasdaq would play perfectly into the head and shoulders theory. It would fill the gap and would take it back up to about the 200 day MA before it plunges again.
Thanks for the info JTH!!
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Might go to about 2230 or so. Basically I"m looking for a 5-7% bounce here that might take about a week and half to two weeks to transpire. If you draw a line from the top of the head down through the top of the right shoulder and beyond, I think that's were we might be headed. Hoping anyway........
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