Tuesday, November 20, 2007

65 week moving averages violated

The S&P has now dropped below the 65 week moving average. Other than one week during the summer 06 correction this average has contained every other decline. If this is just a correction we need to see this level recovered soon. The Wilshire has also violated the 65 WMA . The Russell is in considerably worse shape than the broader market. Finally the transports look like it's going to take a miracle to revive this chart.