TOM and SAB, Update to Daily from 7 days ago. ( Not a classic double top) on daily or weekly IMO. Just a lower high when one draws the line between the two. Also the difference in candle bodies plays into it IMO. Weekly shows it is just continuing 200period resistance and daily candles aren't a double top IMO. Tomorrow likely confirms todays fall through supports and we look hopefully for support between closing price and the upward 50period currently 6.94. If this fails then from the 50 to the green 100 period is in play.
Will the weekly 200 become support now at 10.33ish? The bulls are out today. $11.48 now and outside the upper bb on both weekly and daily. Filed and accepted now just need the actual approval announcement. AVXL may finally push the big boy's weak attempts to the side and bring real relief and improvement.
Tom, how in the heck does this make sense? Sure hope the sheeples don't get stuck in up, up, up. It is a very narrow few dragging markets up both SPX and COMPQ etc.
So, will the 493 other names in the S&P besides the Magnificent 7 rally back up toward the big names? Or will the Mag 7 sell off to catch up with the other 493 stocks? I have always believed that the market must first correct to catch up to the majority of stocks, then things can correct from there. It seems fanciful to me to wait for the 493 other stocks to rally back up toward the Magnificent 7. But then again, the algos will do what they please to throw off smart traders at times! 😶
Tom, answering here instead of AVXL board. Too many tech naysayers there.
Today was the largest drop in the markets in over 6 months by quite a margin. I think the highest odds are for the $indu price to hold the 50 period. If not, then the black 65ema and if not that then the green 200period. I do expect volatility next week as it is a 4 day trading week and we have the tariff stuff on the economic battle field. It could bleed down to 45,000, however it seems a bit of bounce would show itself by then as indicators would be massively oversold. Given the Gov shutdown etc. a market crash would severely hamper the Whitehouse agenda. I do think a crash is eventually coming, however this current trend is still intact IMO.
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