At the end of the trading session today, we can see that The Dow 30 Index (DJI) has been slicing through support levels like a chain saw through Jello®. On the stock chart below, looking at Monthly look-backs, we can see the next major support is is approximately $21,713., .. the area of the sell off December 2018. So if this takes all Spring and Summer to resolve, we wouldn’t be surprised.
The S&P 500 Index (SPX) today, after the close, continued in “CRASH MODE” selling, breaking major long term support of $3025, as shown in the stock chart below.
Quote of the day: “Bottom fishing is the most expensive sport in the world” – Scott Minerd.
Carnival Cruise (CCL) looking back 3 years., at relative strength versus The S&P 500 Index (SPX), it unperformed starting in 2017… using a 200 day moving average of relative strength.
Carnival Cruise Lines (CCL) looking at the past year, issued numerous price reversals, in advance of the virus problem. The theory of the black Swan was debunked years ago.
The Gold ETF (GLD) is trading well in excess of the 20% annualized rate of growth over a 200 day moving average. On the stock chart below, each Blue Up arrow is a new 21 day High.
Barrick Gold (GOLD), a large cap gold miner, in a long term Bullish Uptrend, exceeding an annualized rate of return of 20%, breaking out of a bullish Uptrend Channel today.
Today, The S&P Aerospace & Defense Industry (SPSIAD), in a long term Uptrend, is issuing another break of the weekly trend to the Upside. Corresponding Exchange Traded funds include The SPDR (XAR), and the leveraged ETF Direxion (DFEN).
The S&P 500 Index (SPX) today closed over last Months’ all time high, again. Daily stock chart below.
WTI Crude oil: Long term Monthly support, multiple reversals, found at $51.41.
Trend investing the Nasdaq 100 Index (NDX) we can see in the stock chart below the breakout over the January reversal that happened on the 24th. February is trading over the January High.
The Nasdaq 100 Index has strong long term Upward momentum over a 40 week moving average, in excess of a 20% annualized rate of growth, as indicated by the bottom panel in the stock chart below.