Downtrend – March 5, 2020
It is now all about the coronavirus. The market topped out for now on February 19th with the Nasdaq coming very close to the 10,000 mark. It has since gone through its fastest 10% drop off a top in history. Correcting by 12.9% top to bottom in only seven days. It found support at the 200 dma line last Friday, and have since traded in choppy fashion between the 200 and 50 line. With yesterday’s down day the market moved into a new downtrend.
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