The S&P 500 is close to bottoming for 2018
- Thread starter volente_00
- Start date
WHATUKNOWBOUTDEMTDAYBOYZ
It's the bottom and all the way up.
Mom and Pop Are Buying the Dip in Stocks While the Pros Stay Put
https://www.bloomberg.com/news/arti...wsletter&utm_term=181024&utm_campaign=markets
https://www.bloomberg.com/news/arti...wsletter&utm_term=181024&utm_campaign=markets
To expand my views.
The prior two corrections in sequence.
January/February:
-343,00 points down over 11 trading days with a % change high to bottom of - 11,88 %.
March 2018:
-255,25 points down over 14 trading days with a % change high to bottom of - 9,06 %.
October 2018:
-232,50 points down over 8 days with a % change high to bottom of -7,90 %.
As can be seen, this current move down is still smaller than the prior moves on all three metrics (# days, % change and absolute point value).
Additionally, fundamental factors seems less favourable this time and we're up 13,66 % (402,50 points) bottom to high from the February lows.
All this leads me to the conclusion that this down move is still in motion and that more down side should be expected. Still, I don't trade long term as I'm a day trader, but it's a fun exercise and interesting to play around with.
10% down takes us to 2650,00.
How's that for a minimum target below?
5 points from my target now.
If we will find a bottom there or if the market has entered a longer down trend remains to be seen. If I were to take a guess, I'd say we have more downside potential still.