Market Action- Market In A Correction; Week 28 Ends
All the major averages sliced below their respective 50 DMA line on Thursday, March 10, 2011. All except for the tech-heavy Nasdaq composite managed to repair that damage and close above that important level on Friday. Friday, March 11, 2011 marked Day 1 of a new rally attempt which means the earliest a possible FTD could emerge would be Thursday, providing Friday’s lows are not breached. If, however, Friday’s lows are breached, the Day count will be reset and odds will favor lower prices will follow. The market is in a correction which underscores the importance of raising cash and playing strong defense until a new FTD emerges. If you are looking for specific help navigating this market, please contact us for more information.
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