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Friday, 05/13/2022 8:07:34 AM

Friday, May 13, 2022 8:07:34 AM

Post# of 76351
Picking Downside Targets May Be a Futile Effort
By: Almanac Trader | May 12, 2022



We used to have a sign in the old office about picking downside targets. It said one thing, don’t do it. Several support levels we have highlighted over the past few months have been either violated or are under attack. So even though picking downside targets may be a futile effort, here are some levels we’ve been looking at.

March 2021 Lows

The market smashed through support at the February 24 intraday lows and now support at the March 2021 lows has been breached by NASDAQ and NASDAQ 100 (NDX), the benchmark we have been tracking of late. S&P 500 and DJIA have not broken below their respective March 2021 lows around 3750 and 31000 respectively, but they both flirted with them today.

This brings support at the 2020 September/October lows into play, which is even clearer on the S&P weekly chart below. NASDAQ and NDX are practically there already. Notice how the March 2021 NDX low support also lines up with the top of the W-123 swing bottom pattern in September/October 2020.

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Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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