BROAD STOCK MARKET TRADE ALERT (2:30 pm EST)
Early today the DOW and S&P 500 plunged below our targets (25,000 and 2,700, respectively) for a correction in the broad stock market, but quickly recovered and are snapping back now with steep gains into the end of the day. This is a very bullish sign and it looks like a reversal. It is still early in the current reversal zone (it lasts through next Wednesday), but it looks like today's lows could be the bottom. I am going to enter a long position in the broad stock market today. It might be best to avoid the NASDAQ for this trade as there is a chance that index is still completing the bottom of an older cycle. A good stop loss for this trade would be a close below 24,800 in the DOW or a close below 2,650 in the S&P 500.
Early today the DOW and S&P 500 plunged below our targets (25,000 and 2,700, respectively) for a correction in the broad stock market, but quickly recovered and are snapping back now with steep gains into the end of the day. This is a very bullish sign and it looks like a reversal. It is still early in the current reversal zone (it lasts through next Wednesday), but it looks like today's lows could be the bottom. I am going to enter a long position in the broad stock market today. It might be best to avoid the NASDAQ for this trade as there is a chance that index is still completing the bottom of an older cycle. A good stop loss for this trade would be a close below 24,800 in the DOW or a close below 2,650 in the S&P 500.
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