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Stocks Plummet Anew, but Here's Where to Expect Support

By: Rick Ackerman, Rick's Picks

 -- Published: Wednesday, 11 March 2015 | Print  | Disqus 

The broad averages plunged yesterday, and for six hours all seemed right with the world. We were ready for the onslaught despite Monday’s rally because of the technical damage done on Friday. Some important Hidden Pivot supports were exceeded then, hinting of the carnage that has followed.  Yesterday (Tuesday), a 1243.50 Hidden Pivot target was exceeded as well, but because the overshoot was just 3.25 points, it’s not yet clear whether sellers are done for the time being. My hunch is that they aren’t, and that the broad averages will head lower. If so, they would not have far to fall before alighting on a Hidden Pivot support at 2032.75 that could contain the move (A=2115.50 on 3/2; B=2065.50 on 3/6). However, this vehicle would become a bull trade if it pops above the 2054.25 peak labeled in the chart. Take a free trial subscription that will allow you to access not only the touts, bulletins, updates and impromptu trading webinars during market hours, but a 24/7 chat room that draws veteran traders from around the world.


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 -- Published: Wednesday, 11 March 2015 | E-Mail  | Print  | Source: GoldSeek.com

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