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Stock Market Bounce May be Over

Stock-Markets / Stock Market 2017 Dec 08, 2017 - 10:24 AM GMT

By: Anthony_Cherniawski

Stock-Markets

SPX appears to have completed a 38.2% retracement of its decline from the top. Yesterday’s 23.6% apparently allowed room for one more push higher. This is what I had originally expected.


NDX may have also completed Wave (c) of its retracement, although shy of the top of Wave (a) at 6337.06. This amounts to a 71.7% retrace. The next support may be the 50-day Moving Average at 6216.95. Once beneath the lows it loses all support down to 6000.00.

VIX tested the 50-day Moving Average at 10.35, but has now resumed its rally above it. The Head & Shoulders formation may figure prominently in this move as well.

TNX has surpassed all of its resistance levels, putting it on a buy signal The Head & Shoulders formation isn’t shown here, but a rise above 24.75 may put the TNX all the way to 29.00.

Regards,

Tony

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Disclaimer: The content in this article is written for educational and informational purposes only.  There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

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