Can Market Get Its Mojo Back?

Not going to sugar coat it, March has been an ugly month for the markets. Even as ugly as it has been, it has been rather minor in the larger context. Take for instance we are still in a constructive position on the longer term weekly chart, resting comfortably above the 21 WMA that has proven to be a nice area to see buyers come in…

Screen Shot 2015-03-25 at 11.04.04 PM

Now, looking at the shorter term, we burned right through the 21 DMA, which is a big red flag.

Screen Shot 2015-03-25 at 10.59.46 PM

However, typically when this occurs, look for it to recover and not sit below more than a day or two. Additionally, the SAR is still below price movement and we are at the 2nd standard deviation which also can be an area of support, but if it doesn’t seem to want to retake the 21 DMA, than gloves are off and its time to play defensive until it does. Lets see if the market can find its mojo again and move above its daily moving average!

yeah-baby-yeah

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