Vitas, remember last January when we were discussing the rollover of the 20 ema down below the 50 ema on the NDX daily chart?
And how bearish a signal it was...That was more than 660 points ago on the NDX. The COMPX soon followed, but lagged behind.
On the monthly chart, the 20/50 ema crossover occurred in November-December of 2001 and it's lost over 730 points since then.
Thought this was worth pointing out, especially with the break in the head and shoulders being such a bearish signal...
I was just looking at the SPX monthly chart, and noticed, as of this past week or so the 20 EMA is just starting to roll over, below the 50 EMA. And on the daily, it happened in April of this year - before it happened on the monthly - reverse of the NDX. It's also the first time this crossover has happened since 1990.
It's lost over 200 points since that bearish crossover on the daily. The monthly emas need to turn back up or flatten out fast or Gersh's target may come true and the SPX chart will resemble the current NDX <ng>
SPX monthly
stockcharts.com[l,a]mhclyyay[pc20!c50][vc60][iLi14,3!Lah12,26,9!Ll14]&pref=G
NDX monthly
stockcharts.com[l,a]mhclyyay[pc20!c50][vc60][iLi14,3!Lah12,26,9!Ll14]&pref=G |
