5 day bounce suffered a serious blow
- 5 day old rally suffered a serious blow after holiday week was over.
- The MM 4% breakout ratio is 80/3101. Half trading day on Friday is one of the reason for such a high ratio.
- It was the 4 th largest decline in Dow Jones index since its inception.
- A pullback of some kind after a 5 day rally was expected but the market action on Monday went much beyond a pullback kind of action.
- Market opened lower and kept going down.
- At this stage the lows established in October still holds
1 comment:
In terms of the S&P 500, the October lows were taken out on 11/20. The closes on 11/20 and 11/21 were both below the October lows. How can you say that the lows established in October still hold?
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