The leader of the market did have quite a nice sell off today, back down to 7287. What I can say is that 2013 was a massive run, so the market was eventually going to see a day like today.
What is noticeable on this chart below is that every time we go down to 50 period moving average, we seem to bounce nicely off there. So right now as you are reading this, the 50 EMA is hanging around the 7116 mark, so we will see if the bears can get us back down there in the next week or so.
The money waves indicator right now is on a sell signal, and that means there could be lower prices coming, which again is another contributing factor or evidence that the bears could do a bit of damage here in the short term.
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