Investors were hit with a wider trade deficit, worse-than-expected unemployment benefit claims report, along with the reports of police gunfire at protesters in Saudi Arabia. With all the disappointing economic news, things don't seem to be looking up.
Please feel free to leave us your thoughts in our comments section.
The recovery in the indexes from March of '09 was basically just that, a recovery. Our Fibonacci retracement indicator was spot-on and points to a potentially more negative down move in the future. All of the indices managed to recover back over 50% of the gains before this recent downturn.
Today, I want to share some significant levels to look for during the balance of February. If these levels are broken and taken out, it would indicate a much more serious problem for the equity markets.
Make no mistake about it, today's action is not positive for the equity markets. However, providing the levels we mentioned above hold, then you could say we're in a broad trading range and we expect the lows to be tested. I, for one, am cynical that this is going to happen.
Well here we are in the month of December and things can get pretty tricky this month. For this reason, I wanted to produce a video that I thought would be helpful to you during this time.
In my new video I show you the exact points that we’re looking at for a major trend change in the S&P 500. I also point out the exact number that will show an exit point, but not a major trend change, in this same index.