Make or Break Moment for the Nadaq?
2022.12.27 10:24
I looked at COMPQ today to see if it threw off any different signal from the (NDX) and Invesco QQQ Trust (NASDAQ:) posted yesterday. Only two minor differences stood out: the line from 2009 through 2018 has been acting as resistance, and COMPQ is slightly higher than the 2009-2020 line.
What I’m focused on is the 50-month moving average. That MA held in corrections going back to the 1987 crash but was pierced in both the 2000 and 2008 bear markets. It tells me that the market either bounces here or goes into the abyss.
The was relatively strong in both of those bear markets. When did the DJIA finally blast through the 50-month MA? September 2001 and September 2008.
The Dow will be the last to break it again this time, and it’ll take it out with a drop below 30,000. Clarification, Dow was stronger in 2000. DJIA, , and were all coincident 50-ma breaks in September 2008.
