Stock Market Decline May Accelerate
Stock-Markets / Stock Markets 2014 Oct 08, 2014 - 05:46 PM GMTYou can see that the Broadening Wedge visible on the daily charts was triggered yesterday. It has a similar target to the Orthodox Broadening Top.
SPX just exceeded last Thursday’s low, so it will continue its decline with the next support at 1904.14 to 1911.13, where we can see the mid-Cycle support and 200-day Moving Average.
Friday’s target is at or beneath the Cycle Bottom support at 1781.22, with the ideal target for Minor Wave 1 being at 1737.00 or below. All of that should occur by mid-day on Friday.
The algos are having a tougher time mounting any meaningful rally. That may continue through the end of the week.
NDX hasn’t yet broken beneath last Thursday’s low. Once that occurs, it will be playing catch-up on the decline. You can see that it has just activated its Orthodox Broadening Top. The decline should accelerate from this point, although the bounces may be large..
MUT is well on its way with only 110 ticks to the August 7 bottom. Just beneath that is the mid-Cycle support and the 200-day Moving Average.
Again, I expect to see downside acceleration. We may see a market closure as early as tomorrow, given the circumstances.
Regards,
Tony
Our Investment Advisor Registration is on the Web
We are in the process of updating our website at www.thepracticalinvestor.com to have more information on our services. Log on and click on Advisor Registration to get more details.
If you are a client or wish to become one, please make an appointment to discuss our investment strategies by calling Connie or Tony at (517) 699-1554, ext 10 or 11. Or e-mail us at tpi@thepracticalinvestor.com .
Anthony M. Cherniawski, President and CIO http://www.thepracticalinvestor.com
As a State Registered Investment Advisor, The Practical Investor (TPI) manages private client investment portfolios using a proprietary investment strategy created by Chief Investment Officer Tony Cherniawski. Throughout 2000-01, when many investors felt the pain of double digit market losses, TPI successfully navigated the choppy investment waters, creating a profit for our private investment clients. With a focus on preserving assets and capitalizing on opportunities, TPI clients benefited greatly from the TPI strategies, allowing them to stay on track with their life goals
Disclaimer: The content in this article is written for educational and informational purposes only. There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.
Anthony M. Cherniawski Archive |
© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.