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On the weekly chart, notice the following:
-- Prices have moved through the lowest technical point on the chart of the last three years
-- All the SMAs are moving lower
-- The 10 and 20 week SMAs moved through the 50 week SMA
-- Prices are below all the SMAa
BUT
-- The RSI is showing an oversold reading, and
-- The MACD is approaching oversold
In addition, the market has sold off a ton
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Notice the following on the daily chart:
-- Prices have been dropping for three months
-- All the SMAs are moving lowerr
-- The shorter SMAs are below the longer SMAs
-- Prices are below all the SMAs
BUT
-- The MACD is rising, and
-- The RSI's readings are elevated
Bottom line: this chart looks like it wants to engage in a bear market rally.
