SP has to break 1710 or we could see a tripple top
Comments
CoinedByCrypto
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The SP-500 can not close back below the 50-day SMA (currently at 1678 or 15,172 on the DJ-30).
Looking back over the past 4+ years of the bull market.
Each time the 50-day SMA has rolled over as the SP-500 price initially lost the 50-day SMA it then quickly regained it. So... if the SP-500 is to break back under the 50-day SMA I see the market will sell-off extremely hard in a crash type fashion.
So the SPX 1678 area is where I would place stops on any remaining IT long positions.
Safe trading Gents!
BM
CoinedByCrypto
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The DJ-30 closed under its 50-day SMA (15,172) today!!!
This could be an early warning sign.
G13Man
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good catch
Nashwan
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Lets see if the weekly hold below the resistance ......hopefully i am bearish on some major stocks :)
Looking back over the past 4+ years of the bull market.
Each time the 50-day SMA has rolled over as the SP-500 price initially lost the 50-day SMA it then quickly regained it. So... if the SP-500 is to break back under the 50-day SMA I see the market will sell-off extremely hard in a crash type fashion.
So the SPX 1678 area is where I would place stops on any remaining IT long positions.
Safe trading Gents!
BM