Written by: Mike Simonato, Ontario Presenter: “Investing for the Long Term”, presented to the Feb. 6, 2021 International Online Forum, you can watch by CLICKING HERE.
Do you hear the canaries? They are getting louder. There were 2 key reversal days this week. I’ll focus on Friday. At 6 am, the Dow was up 185 points. It closed down 271 points. The volume was heavy today and selling increased into the close, showing pros didn’t want to hold over the weekend. The USA mkt could have a very short C/UP Watch the mkts close next week to see if the sell-off continues.
USA
DOW JONES: Sold off big this week with the volume increasing as the week went on. Closed below the 79 SMA
NASDAQ: Not as bad as the Dow but sold off big Friday. Still above the 20 SMA
S&P 500: Sound off like Dow. Below the 20 SMA but above the 79 SMA
MKT TIMING: All the indicators fell but price stopped at support
READ Views and Strategy
CANADA
TSE: Rolled over this week. Selling 4 of 5 days Price still above the 20 SMA but the warning signs are there
VENTURE: Failed at the 79 SMA and sold off hard
MKT TIMING: Everything sold off this week. Watch next week to see if the sell-off continues
READ Views and Strategy
AUSTRALIA Read Strategy
BRITAIN Read Views and Strategy
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