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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 2020
    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 2020
    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.
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