The $S&P 500(.SPX)$ closes October -2.2% and the $NASDAQ(.IXIC)$ -2%.
This correction still looks and feels similar to the severe corrections that occurred in 2022.
Relief rallies find rejection at the moving averages, and breadth remains consistently negative.
This is in the lower panel of the chart. Next week is 9 consecutive weeks of negative market breadth. The "below the surface" part of the market has been detonated.
So long as price remains below and rejected by this short term moving average I do not think the correction has concluded and favour the 3950 - 4100 range for correction bottom.
This remains the range I will like to take long exposure.
Image
Comments