On March 31, 2011 the 15-day SMA crosses over the 50-day in what proved an important support level as the bullish uptrend in the market ensues for some 4 years 3 months. Fast forward more recently, between the end of June and into end of July 2015 this changes and that 15-day no longer acts as that trend-line support... let the breakdown take effect, where one could conclude, paired with fundamental market-over-value talk that the 50-day SMA standing at ~1763 becomes our “reset” level or support moving forward longer term. Worst case bear scenario…1343 at the 200-day EMA doesn't seem to be entirely out of the question either though I suspect some real nastiest would have to ensue globally.
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