We haven’t seen the type of price move to the downside that we got Monday in quite sometime. If I’m a bull, I’m watching this market very closely to see how the market reacts to the sell-off and any others that happen over the next few days. Even if we erase 50% of the previous advancement that took place for nearly two months, that is still okay. But what the bulls have to do, is step in and provide stability to the markets, to thereby resume its current trend. If that occurs, it’s much more likely that we may have hit a bottom, but that is never really known until we are far removed from it (I’ll never call a bottom by the way – I think it is a silly exercise that makes one usually look like a fool).
The markets remain extremely oversold, and the last two sell-off have seen exceedingly high bearish volume, which we should consider as major red-flags in the current market environment. If you have profits, protect them and raise the stop-loss on them. Don’t let you’re profits over the last two months turn to losses.
Here’s the Nasdaq and S&P charts…
Welcome to Swing Trading the Stock Market Podcast!
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