SPX Weekly Outlook: Bearishhh

in #stocks5 years ago (edited)

Well folks we have another weekly close and daily close that is below the 200 day MA. This is continuously BEARISH for the long term if we cannot recapture that level. That level sits at 2760

The risk here is down. After holding the breakout from 2016 and the massive uotrend for more than 2 years, we now have topping action and this MARKET is GUILTY until proven innocent. Being below the 200 day moving average is not a bullish place to be when concerning trend and price action. I am very concerned with this because I see the media looking for a bottom and buying this dip. That is not a bullish thing. This is not a normal dip right now considering the trend has changed for the first time in over 2 years. We have to look at this objectively and realize this "dip" is much different this time. It is NOT A DIP and is instead correction and very BEARISH price action.

ALL rallies should be SOLD


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