A big lesson learned. I need to take my stops when I set them. That has always been an issue I have been trying to fix and was one of the reasons for starting this journal. I need to create a plan and stick with it. The sell off on Friday accelerated and took out the the lows of November. I expect to see a rebound rally on Monday and I will cut my losses as much as I can into that rally. The current trend is still heading down. Unless the Fed does some heroic maneuvers, we are going to be seeing lower prices for some time.
Pre-market the futures are pointing to a higher open.
S&P 500 (MAR) +6.75
| Nasdaq (MAR) +6.25 | Dow (MAR) +49
Shown below is a 6 month chart, the Q's are currently sitting on the longer term support line in the trend channel and we are in oversold territory. However, we can get lower and more oversold. With contracts that expire in a couple of weeks, I need to take back what I can quickly.
Pre-market the futures are pointing to a higher open.
S&P 500 (MAR) +6.75
| Nasdaq (MAR) +6.25 | Dow (MAR) +49 | R2 | R1 | Pivot | S1 | S2 |
| 50.43 | 49.42 | 48.82 | 47.81 | 47.21 |
Shown below is a 6 month chart, the Q's are currently sitting on the longer term support line in the trend channel and we are in oversold territory. However, we can get lower and more oversold. With contracts that expire in a couple of weeks, I need to take back what I can quickly.
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