S&P 500: -1.45%
Nasdaq : -1.78%
Russell 2k: -2.36%
Nasty week in the markets. we were unable to hold the 200dma which is our longterm moving average and flush away we go. there is significant technical damage to all the indices even a solid 3-4 day thanksgiving bounce can not heal this marknt. only time can now. As of now there are no real bullsih signs pointing to a significant bounce in the near futures and almost all the patterns we are seeing on the charts are bearish. this market is guilty till proven innocent. If your one of those people that tends to hold on to your losers way to long hoping they go back up this is not the market for you to trade in. At this point if your holding dogs that are down 10% or more then you cant be int his market. There is no hope for bounces as when we are in a stage 4 rundown phase the market will keep rolling over any chance it gets unless you get out quickly and rebuy lower or short the pops.
This is thanksgiving week which is short and typically bullish. Usually the cream of the crap runs this week.make sure to have a list of low floaters, heavily shorted names, beaten down cult stocks as those are the ones that start up when traders get bored.
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