Daily charts for S&P
Daily charts for NASDAQ
The indexes made a ice hole failure at their 50 day moving average on Monday and failed miserably over the week. Now only NASDAQ futures chart is still above its 200 day moving average. All indexes had broken its lower MOBO bands indicating momentum in this down move.
I am expecting all 3 indexes to test its low of the year by end of next week. Whether it will break this low and form a double dip recession as highlighted by the media will depend on its movement over the next few days. However the probability of this happening is now very high.
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