Ian Woodward's Investing BlogStock Market: The Middle Road Scenario
On the heels of my morning blog note, here is a follow up since the Market closed down today. The game plan is simple as I see it in this S&P 1500 Chart. Strong Support is at 325 at the 50-dma, and if it reaches that the irrational exuberance of the Draghi Plan and Q-E 3 will both have been short lived. If there is any Bull Muscle, expect at least a Bounce from there. If not then we trot down to eat up the other half of the 8% Cushion down to the 200-dma, when the floodgates of Fear will be in full motion. Note how %B and %BxBW are both under water even at this stage.
Best Regards,
Ian.
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