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Non-Tech : Kirk's Market Thoughts -- Ignore unavailable to you. Want to Upgrade?

To: Kirk © who wrote (14661)	10/17/2022 9:38:40 AM
From: Kirk ©	Respond to of 26439

More on 200 week MA. But while the 200-WEEK moving average of around 3,585 was taken out on Friday's close, it is a "formidable" level that won't be taken out without a fight, he added. "In fact, it usually takes a full blown recession, which we don't have yet (i.e., a 1-2% rise in the unemployment rate)," Wilson said. "Second, not all recessions result in a break of the 200-week moving average so there is also a case to be made we won't take it out even if a recession arrives. Obviously, Friday's breach on a closing basis is notable; but given the very positive divergences in many momentum indicators (RSI, MACD) combined with the extremely bearish sentiment, this is exactly where the equity market should make a stand if one is going to happen."