Note: We are now below the trendline, we can only hope for a rally on Friday.
Something else to keep in mind:
“…the market was oversold or actually severely oversold as of yesterday’s
close. A big break today renders the stock market oversold to the extreme. This
could lead to a rally very shortly, and such rallies often take the Averages
back to test their initial breakdown levels. Note that the S&P and the
Wilshire have NOT confirmed the Dow. Does the superior action of the S&P and
the Wilshire cast doubt on the Dow Theory bear signal? I don’t know. I’ve never
in fifty years of watching market action seen this type of situation.”-Richard
Happy Turkey Day!