Market Update
Feb 24, 2022
Today the market continued to decline rapidly due largely because of the impending war between Russia and Ukraine.
The Nasdaq dropped 2.6% and currently remains well below its 200 day moving average. The index has now registered declines in 5 straight days.
The S&P 500 dropped 1.8% today. It, too, currently sits well below its 200 day moving average having declined for 4 straight days.
In terms of major institutional selling days, the Nasdaq is at 7 days and the S&P 500 is at 6. Both of these day counts are quite high.
All of this resulted in the market's reclassification after the close to RED - Market in Correction.
As you know we have a high bar for reentering from a RED market. To get the market to GREEN and reenter we'll need a minimum of 4 trading days where the markets rally and don't undercut the lows established today. Once this rally has established, the final day must see indexes rise at least 1.25% on volume above the prior day.
We will now wait for our GREEN market.
Stay tuned.
Stay connected with news and updates!
Join our mailing list to receive the latest news and updates from our team.
Don't worry, your information will not be shared.
We hate SPAM. We will never sell your information, for any reason.
