Next Pit Stop

The market rewards those who are able to read the charts and have the patience to see it through. As expected, the market went down further. The 3 major indices broke its 52-week low again last Friday.

The next pit stop (a term borrowed from the F1 fever) for the 3 major indices are:

• DOW = 9900 - 9700 region (around 61.8% Fibo level) on a monthly chart
• S&P500 = 1080 (around 61.8% Fibo level) on a monthly chart. It is reaching that level soon - likely to be today.
• Nasdaq Composite= 1780 (around 61.8% Fibo level) on a monthly chart.

Weak sectors are still the usual:

• housing
• financials
• retails (selected)
• Tech stocks

Cheers !!!

PersianCat (Millionaire-in-progress)