The selling in the market seems to be increasing by the day. It looks like we could see some support at the current price, but looking back at Sept 2008 shows that we could still be in for a serious drop. IMO, so far the patterns are similar, except this year's correction is far more aggressive. I noted on the cRSI where they seemed to have a similar pattern. I personally don't think the current trend line will hold for long and expect that we at least hit the 10,000 level. I think 7700 is possible because markets have a tendency to overshoot in both directions, just like the bull rally/bubble of the last 2 years was way above the green trading channel from 2009 bottom.
Here is an interesting look at the NASDAQ stocks above the 200 day SMA. As you can see, we still have more stocks that can go below the 200, and it can stay there for a while.
Here is an interesting look at the NASDAQ stocks above the 200 day SMA. As you can see, we still have more stocks that can go below the 200, and it can stay there for a while.
