Thursday, March 17, 2011

Four Day Down Trend

As the market evaluates the economic impact of the earthquake and tsunami, we have a four-day, systematic downtrend. Each day has experienced a 62% technical correction, followed by another down swing line.
The cash market closed below its 100-day moving average on the daily chart, which is bearish. Large long positions will not enter the market until it shows signs of consistently closing above its 50-day moving average.

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