friday ended with an 8 days losing streak.
so off to my research!
including friday, there had been 39 streaks of 8 down days.
the last 8 straight losers were ones during the attacks of 9/11/2001
that streak ended at 8 on 9/21/2001 with a loss of -17.91%
looking ahead to later today and the outlook for a 9th losing day,
there had been 9 of them, the last completed on 2/22/1978, at a loss of -4.29% for those 9 days.
now let's talk short term direction.
signs of a reversal includes:
1. big star pattern friday (see chart)
2. over 2900 new lows in the nyse, almost 1,000 more than the last record
3. 409 of the spx made intraday new lows but 125 of these stocks closed up for the day.
so, what do we need to see monday
1. something to complete the star pattern of friday, a white candle to form a morning star would be best
2. a close above 9447.11 or +11.79% would reverse the sequential count to 1-0 sell
3. a close above 9372.99 or the fibo 23.6% of the collapse from ath of 14198.10 to friday's low of 7882.51
check out chart
paul
No comments:
Post a Comment