Markets before the opening looked poised for some upside, but after jobless claims were released gains subsided. Once the opening bell rang the markets were underwater basically all day long. They finished near their lows, even after a feeble attempt at a late afternoon rally. Benchmarks are positioned to have easily their worst week of the year with the Nasdaq down nearly 4%, and the S&P 500 3%. The Nasdaq continued to trade well below its 50 day SMA, and the S&P 500 is desperately hanging on to its. Perhaps the assured correction the entire planet, and maybe the entire solar system has been awaiting is upon us. I pointed out earlier this week that the SDS looked as if it was on a venture to assess how strong 50 day SMA resistance would be. Today it closed right at that line in the sand. A look on its chart validates its ability to determine where rallies have stalled in recent months. It met firm resistance at its 50 day SMA on 12/28-31, and in late February, then continued its downtrend. I have an ominous feeling that this time it pierces above it in a big way sooner rather than later.
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