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Re: None

Tuesday, 05/01/2018 12:23:15 PM

Tuesday, May 01, 2018 12:23:15 PM

Post# of 257
The main charts are close to testing their rising 200 MAs. A month ago the 200 MA was breached several times by the S+P, but each time it rallied back above. The DJIA has now nearly completed a bearish descending triangle that formed over the past 3 months, so the big question now is whether that will hold (23,500). The QQQ and Russell are in somewhat better shape chart-wise.

One scenario that wouldn't be too surprising would be the DJIA and S+P falling thru current support and then having an extended period of sideways consolidation at lower levels.

Looking at the charts objectively, the huge move since the election (almost 50% for the DJIA) still needs a bigger retracement. This doesn't mean a crash or new bear market, only a more meaningful correction and consolidation which would be healthy.





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