Monday June 13, 2022
The 200 week MA is now at 29,298. The pre covid high was also about that level. that is only 2,00 points lower so it may be a logical support.
200 Month MA is at 18,000 which is about the covid low March 2020. That would make another logical lower target. Could that happen by November?
Russia has apparently re gained the advantage in the Ukraine by literally blowing the country to bits with long range artillery. I read 30,000 rounds a day are pounding Ukraine into submission. Western support has been late and timid, France seems to be angling for a negotiated end to the war. With grain shipments halted, food prices rising, further weakness is not out of the question. PMO has broken over on the monthly cart at bottom. So it is when not whether such a low should be expected.
NASD 50 day MA chart is not posting for some reason. The rally from late May has erased the oversold condition and PMO is poised to roll over again. NASD is leading the charge downward.
PMO has peaked and the strong sell off Friday has left a gap on the e chart.
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