Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

In this Discussion

Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

    Support MFO

  • Donate through PayPal

Looking For The New Bottom

https://seekingalpha.com/article/4330687-spy-looking-for-new-bottom

SPY -Looking For The New Bottom
Mar. 09, 2020 S&P 500 Trust ETF


The SPY is smart about the novel coronavirus, COVID-19.
However, its first attempt at discounting the economic impact just failed.
When the news becomes worse than expected, the SPY drops to a lower bottom.
Sunday, overnight futures dropped to 2,818 and the SPY is looking for a new bottom below $286.
The next support level is at $277 and near the 50% retracement of the last move up to the last high. However, there are no supports in a falling market until price stops falling

Comments

  • However, there are no supports in a falling market until price stops falling
    Brilliant stuff right there. Gotta love those tech analysts.

  • edited March 10
    Hell, I figured that out all by myself. More posting trash just to be posting.

    See Gary's recent post regarding junk like this.
  • edited March 10
    I’m on the beach right now. Thought the tag-line was referencing something else.
  • 'cuz I like big declines' !
  • There used to be a time people would look for Big Bottoms. How the times have changed! And all because of a virus.
Sign In or Register to comment.