The SOX and QQQ have been thrashing across their 200-day moving averages the last three days, and it feels like they’ve done enough testing. The NASDAQ never quite made it low enough to touch its 200 DMA, and I’ll take that as a good sign that a bounce is due. Investor types (long term money) [...]
Posted by 21 November 2003
Battle for the 50 Day Moving Averages
We’ve now had 3 days of thrashing around the 50-day moving averages on the indices. I’m getting a sense of déjà vue because this is exactly what happened at the end of September. The S&P chart shows this action well: You can see how deeply oversold we are by the stochastic reading. Unless we get [...]
