Daily chart for S&P
Daily chart for NASDAQ
This is it. All 3 indexes have their 50 day moving average crossing below their 200 day moving average. (on my chart, it’s the red line crossing below the green line) I just found out that the name for this moving average crossing is called the Death Cross. Dow and S&P made this cross last week, and NASDAQ only did it yesterday.
Last night we made a doji candlestick pattern and with NASDAQ also making the death cross, I believe that the bounce is over. If today also closes down, it will be confirmation of the continuation of the downtrend. We might continue to move sideways in a volatile fashion (this is due to earnings season) but i'm not expecting the stock market to break above their respective 50 and 200 day moving averages. My target for this downtrend would be at 950 for the S&P.
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