IS WALL STREET SEEING CORRECTIONS ?
Following Two days of steady sell offs the stock market is showing signs of a Major Correctiong coming which is already being compared to the 1987 Market Crash as the charts show similar behavior, but it is still too early to call.
Upon looking at the S&P 500's Daily and Weekly Charts one can almost say a Correction is on the way as the 50 and 100 Day Moving Averages have already been breached on the Daily Chart.
How long will this last ?
No one can be certain but the markets have been on a very long up trend since 2009 and one can say what goes up must come down. How low is the Billion Dollar question ? As we can see there is a long way down to go.
Other Stock Market News
- The S&P 500 fell 4.1 percent as of 4 p.m. New York time.
- The Dow fell 1,178 points, or 4.6 percent, while the Nasdaq averages were off by more than 3.7 percent.
- The Stoxx Europe 600 Index declined 1.6 percent , hitting the lowest in almost 12 weeks with its sixth consecutive decline.
- The MSCI Emerging Markets Index lost 1.9 percent.
WHAT DOES THIS MEAN FOR BITCOIN ?
Bitcoin could see a large infusion of investors warming over from the Stock Market to purchase Bitcoin at these current lows that may drive the price back up, but with all the current FUD surrounding the Cryptocurrency markets would hold investors back ? Only time will tell.
WHAT DO THE CHARTS SAY ?
Bitcoin is clearly correcting but is this the bottom and will the Stock Market influence its Movement ? Only time for sure can tell but for now the charts do look promising for the future.
Month
Week
Day
Let me know what you think in the comments below.