Stock Market Technical Analysis Blog
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Following up from my Friday 8/2 blog on my 2:30pm post where I said that there was an eighty percent chance of a correction after that day, we are now in the 10th day of the selloff with the S&P now down 25 points from that call. Fortunately, it has been a stair-stepped and choppy downward move that has kept the losses from being even greater.
There was always a possibility that Bernanke might drive the S&P up to the Friday 8/2 peak level to retest it but with every market push he has started in the past ten days there has been an overwhelming rush of big sell orders into any move up causing the continued decline. We will just have to see how far this goes but most 401k holders are already down 1.5 percent.
Trade well my friends
Alan
