Balance

Balance
​

Three years ago I would have looked at a day like this Tuesday and thought the world was ending; But as we get older (and hopefully wiser) we learn when it comes to the markets, prices always seek balance. Inevitably that balance can be found within the linear regression channels and the 20/50/200 day moving averages.

Fact is we've been overbought, and this is nothing more than an adjustment in price needed to reflect its true value. I myself won't become concerned until we break under the channels and penetrate the 50 day moving average. Till then, this is expected market behavior with the news headlines being used as the catalyst.

Transports: I'll be watching the Negative Volume Index for a break below the 200 day linear line. Such a break would lead me to believe we are more likely in for a correction instead of a pullback.
​

NASDAQ: Nice save on the 20 Day Simple Moving Average.

S&P 500: Intermediate Fibonacci shows good support around 1180. Intermediate & Long-term Fibonacci (used together) show solid support around 1150.

S&P 600: As the strongest of the TOP 4, the 20 EMA is right on the bottom of the rising regression channel showing us we have plenty of room for a healthy pullback.
​

Dollar: The Dollar is slightly overbought on the long-term descending channel, yet right on target within the rising channel.
​

Thanks for your time... Jason
​

 

[CrabClaw]

nope, thank you for your time

 

[JimmyJoe]

"Three years ago I would have looked at a day like this Tuesday and thought the world was ending; But as we get older (and hopefully wiser) we learn when it comes to the markets, prices always seek balance." So true.

 

[JTH]

Thanks guys