Once again the boo bears are getting loud. They point to the distribution over the last couple of weeks as “proof” that the market is setting up for a crash.
They may be right.
But then again, there have been several such calls since March ’09 and not one of them has managed to bear fruit (pun intended).
The DJIA may indeed be headed lower… but we won’t even begin to contemplate a bigger reversal unless price can get down through near term support (the yellow line).
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