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27 Mar 2018

Dead Cat

Post by MoneyRadio Staff

…Stocks flop in final hour, bouncing off support. More China trade concerns. Tech falters. Bears control Facebook. Brits investigate Cambridge Analytica. Self-driving tech hits the brakes. Financial Review by Sinclair Noe for 03-27-2018   DOW – 344 = 23,857 SPX – 45 = 2612 NAS – 211 = 7008 RUT – 30 = 1513 10 Y – .06 = 2.78% OIL – 1.22 = 64.66 GOLD – 8.70 = 1345.50   Stocks were in positive territory until the final hour or so of trade. The Dow was up 240 points earlier in the session. The Dow was down as much as 493 late in the session. The Dow is still trading above the 200-day moving average, which could be considered the long-term trend line at 23385. So, the Dow has not broken key support but it is looking weak. The 200-day moving average on the S&P 500 is at 2587, and we also have the Feb. 8 closing low of 2581 – this is the key level of support for the S&P. Don’t be surprised to see the 200-day moving average act as strong support; in other words, we could drift into the end of the quarter still trading just above support. Any break below support is significant. Another significant point is that the S&P 500 has moved higher for the last 9 quarters, matching a streak that ended in the first quarter of 2015;  but it looks like the first quarter of 2018 will be a negative and break …

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Source: Financial Review