The major bull offense that began in March 2009 has officially been halted with today’s market action.
Notice that the yellow line on the Nasdaq, which is the 50 day MA, has now become resistance over the last 4 days. The 50 day MA has been acting as support since March 2009. In fact, the 50 day MA line was tested and held as support on: April 1 2009, May 26 2009, June 23 2009, July 7th – 10th 2009, September 3rd 2009, October 2nd 2009, October 28th – November 4th 2009 (where it was barely broke but regained quickly), November 27th 2009, December 9th 2009, and December 17th 2009.
But things get worse. A key trend line on the Nasdaq has also been broke.
In the short video below, I will show you this very important trend line and what the ramifications are for the Nasdaq. The video will also give you some downside targets and where you should consider using hit and run tactics on the long side.
Related Articles:
- Can someone explain to me the MACD line and how it is useful for daytrading? What line needs to cross what in order to buy or sell? How do you place a stop if you...
- Trader Investigates $60 An Ounce Gold Heist Will the long-term support line stop the hemorrhaging in the gold market? Gold is testing its all important trend line...
- Shocking Sell Signal On The Nasdaq Today: Move To The Sidelines Now! Back in March, the Nasdaq began a run from about 1,270. Just last week, the Nasdaq hit 2,000. That is...
- Predicatable Seasonal Chart Patterns With Shockingly Evil Explanations This time, the recurring market trends were a bust. Most simply did not pan out. Nonetheless, this actually is nothing...
- Why The Nasdaq NYSE 10 Week Moving Average Is Still the Best Trading System Ever December 22nd, 2009 Update: 25% NET Profit a year for the last 30 years! Nasdaq/NYSE 10 Week MA Strategy Indisputably...
