HGSI Doc 2020.03.09 – The Longer Term View After the Morning Downturn

March 9, 2020Dr. Jeffrey ScottHGSI Blog, Home Page, Jeffrey Scott, News & Events

Good Afternoon!

The market has opened as ugly as predicted and seems to be trading sideways after a huge Gap down at the open.

I have attached and marked up a Monthly Chart on SP Futures using ABLESYS indicators on ESignal.

I find it remarkable how we have not seen one red bar since 2009. A green bar is neutral, blue bullish and red bearish. I also note how we have thus far respected the 50 Week Moving average. This has been support before.

Yes, always looking for a silver lining but on this longer term view:

This pullback is not that abnormal from perspective of long term moving averages
We do not have the longer term sell signal yet. However we also have 20 more days in the month to trigger the red bar
A natural line in the sand for support is the 2600 level.
If we lose 2600, the prior basing around 2100 comes into play.

Regards

Jeffrey
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Dr. Jeffrey Scott is a private investor and educational affiliate for HGSI Investment Software LLC

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Dr. Jeffrey A. Scott is a successful oncologist, serial entrepreneur, investor and HGSI Investment Software power user who leads HGSI's Webinar Series. He has been an active investor since the early 1990's. In addition to presenting to new HGSI users, Jeffrey also hosts a monthly online advanced users group. Jeffrey has used HGSI since its launch and was a user of its predecessor, Industry Monitors. He considers himself a swing trader but uses various strategies for different accounts. He also considers himself a top down investor, being influenced by market direction and group strength, perhaps more than individual stock characteristics. Following his entrepreneurial spirit, Dr. Scott left practice in 2003 and has since founded several companies in the healthcare space.

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HGSI Doc 2020.03.09 – The Longer Term View After the Morning Downturn

HGSI Doc 2020.03.09 – The Longer Term View After the Morning Downturn

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