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Is the
Trend Still Your Friend?
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By
Chris Johnson
The
market got a brief scare on Monday, as the major indices
took investors on a quick trip to some significant short-term
support levels. The selling - spurred by a combination of
weak economic data, a weak dollar, and fear of weak Black
Friday retail sales – dropped the Nasdaq Composite
to its 20-day moving average, while the S&P 500 Index
and Dow Jones Industrial Average both traded below their
respective 20-day trendlines.
The
20-day is significant because it has traced technical support
for the major indices since late July/early August, meaning
that prices are buoyed when the indices pull back to these
trendlines. The implications for the market are positive
for the short term, as the majors have now regained control
from the short-term sellers. This show of technical strength
should play to the bulls over the next few weeks as it signals
that there are still potential sideline buyers who are willing
to step into the market when it goes “on sale”
as it did on Monday.
Click Here to Read On
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