The market is struggling to catch a bid, overall, on the back of yesterday’s monstrous sell-off. Marquee firm Apple may very well be in its final descent after a sharp correction, though one more capitulatory thrust lower could easily be in the cards first. Gun stocks RGR and SWHC are among the few bright spots in the tape, as I have been noting in recent days based on their technical setups.
By and large, though, I am letting the dust settle with this correction. The odds say that we find a durable bottom sooner than later. Bull markets tend to not come apart all at once, and major tops are usually a lengthy process where new highs are tested (even marginally acquired) several times before we roll over for good. Nonetheless, each market is unique and should be respected. Indeed, something like a rising 200-day moving average is not much consolation for those all-in long since September.
On the S&P, the 1388 lows from yesterday are holding so far. In addition, as a bright spot, consider the long-term breakout in Kroger holding true. Recall this blog post from October 1st of this year where I pointed out the potential. Below, you will find an updated weekly chart. Earnings are 11/29. Note how well the stock has digested its major breakout.
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I believe that was right before she ran off with Goofy.
lol