As predicted three (3) days ago, US stock market is in a correction phase, however, this is not a bearish market, yet.
Here’s my prediction from three (3) days ago if you want to read it. Feb 3rd 2018 – US stock market is slowing down
Now, continuing with the analysis of current prices of Dow, S&P, and NASDAQ indexes…
1. The 200 EMAs are the supports
As long as the 200 EMAs are not broken, all of this downward movements are still considered as correction phase and not a real bear market. I believe the prices could still go lower trying to touch the 200 EMAs.
2. If MACD is also broken, then it’s a bear market
If the 200 EMAs are broken along with both MACD signals moving below zero, it is generally assumed that it is a bear market. The thing to pay attention to is, if both EMAs and MACD, both of them, are broken.
3. Might be an opportunity for re-entry
As always, market correction phase is a great opportunity to stack up your position in the market. It would be perfect if we could see the prices bouncing the 200 EMAs along with some reversal patterns. That would be the perfect opportunity to enter the market. Stay tune.
Conclusion:
The stock market is in correction but not bearish yet. If you are holding some stocks, you might want to just hold them except there are some fundamental changes. If you are not holding some stocks, it might be better for you to wait for a reversal before entering the market.
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