Dow tumbles more than 500 points, wipes out gain for the year to cap wild week on Wall Street….PSEI WILL FOLLOW THS FALL…
Stocks dropped sharply on Friday, concluding what has been a wild week for Wall Street. A weaker-than-expected jobs report and China-U.S. trade tensions sent the Dow Jones Industrial Averagelower by 558.72 points to 24,388.95 and erased its gains for the year. At one point, the Dow was up more than 8 percent for 2018. The S&P 500 pulled back 2.3 percent to 2,633.08 and also turned negative for the year. The Nasdaq Composite dropped 3.05 percent to close at 6,969.25. Shares of large-cap tech companies led the way lower. Facebook, Amazon, Netflix and Google-parent Alphabet all traded lower. Apple’s stock also fell 3.6 percent — erasing its gains for the year — after Morgan Stanley cut its price target on the tech giant’s shares, citing weakening iPhone sales. Read More @ https://www.cnbc.com/2018/12/07/stock-market-dow-futures-fall-ahead-of-unemployment-figures.html
S&P 500 closes in an official ‘death cross,’ a chart pattern that could signal more pain ahead = PSEI FALL.
- A scary chart pattern, called the ‘death cross,’ formed in the chart of the S&P 500 on Friday, signaling traders that there could be more selling ahead.
- The death cross formation appeared in the chart of the small cap Russell 2000 index just over three weeks ago, and the Russell has lost 4.4 percent since then.
- The death cross means the market could stay “lower for longer,” said one technical strategist. Read More @ https://www.cnbc.com/2018/12/07/scary-chart-pattern-signals-more-stock-market-selling.html
WHAT IS THE TECHNICAL CHARTS SAYING?
Be careful moving into the market for now accept for Blue chip stocks; don’t rush and get burnt but be patient and wait for the technical patterns to give you a clear signal.
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