Has the market topped out?
For the last couple weeks, I have been somewhat skeptical of this market and whether it could keep on moving higher. Yesterday, we witnessed a collapse of several major stocks that were pushing this market higher particularly in the NASDAQ sector.
According to our Trade Triangles, you should get out of the NASDAQ and S&P 500 as they both are showing weekly intermediate-term trends that have turned negative. The DOW is the only index that is holding up so far. The red line for the DOW this week is 16,937 and should the DOW break below that area, it would put all three major indices in an intermediate downtrend.
The following stocks show intermediate downtrends (red weekly Trade Triangles) and unless you are a long-term investor, you should be on the sidelines in these stocks.
To find out if your stock is in trouble, check out the talking chart symbol on the top of every chart. Learn more here.
Now is the time for caution and not bold moves, in my opinion.
Every success with MarketClub,