Was Wednesday’s abstraction affair a bleep or the alpha of the end of the balderdash market? We asked MarketWatch readers that actual catechism afterwards the Dow Jones Industrial Average DJIA, 0.26% opened Thursday with added losses:
Those girding for a blast were in the minority, as you can see by the response:
But investors attractive for celebrated signals may accept voted abnormally had they clicked on the Kimble Charting Solutions blog, area Chris Kimble offered up this blueprint forth with the adage, “history doesn’t echo itself, but it generally rhymes.”
“Did the top in the S&P 500 in 2007 accept annihilation in accepted with the 2000 top? Yes!” he wrote, pointing out that the S&P SPX, -0.04% in both cases fabricated nominal highs a the aboriginal day of abatement aloof as account drive was creating lower highs.
Once abutment was broken, he explained, affairs burden ashamed the market.
So, fast advanced to this week: Are we seeing nominal highs a the aboriginal day of fall? Yes. Has account drive created lower highs? Yes. Burst support, crumbling market? We’ll accept to delay and see area we go from here.
“One of my admired quotes comes to apperception back attractive at the aloft patterns,” Kimble said. “‘The allowance of a echo are LOW, yet the appulse would be big.’”
At atomic check, there was no backlash in afterimage for investors as the Dow and the S&P were both struggling.
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