Major Wall Indices could correct further.
S&P 500/ Dow Jones/Nasdaq/ Russell 3000/Emerging Market Indices are trading close to its 50-day MA.
Will it break?
Normally, in an average bull market, investors should be buying when the asset class is supported above the 50-day MA as they tend to rebound and go higher from this important technical level.
However, if you have watched my recent posting on how I called the Nasdaq top before its correction you will understand that the major Wall Street Indices have yet complete its corrective phase.
There could be more downside potential in the event that they break below their respective 50-day MA, they are likely to move towards their 200-day MA.
Nasdaq 100 Chart
Dow Jones Chart