9-4-24 Will Market Correction Continue? | Before the Bell
Markets were over bought and losing momentum yesterday, and there was a risk of correction looming for September-October. Markets sold off Tuesday more sharply than expected, however. The first test was the cross-over of the 50- and 20-DMA as initial support. Markets opened down and sold off all day long. At least some of that overboughtedness was reversed, but not enough to completely eliminate the selling pressure. However, we are very close now to triggering a sell signal on the MACD. Markets will open lower this morning and likely try to bounce. If that level of support is taken out today, the next level will be at the 100-DMA, right around 5,2350 on the S&P. What drove markets down yesterday? Nvidia received a DOJ subpoena looking into "monopolistic" activities...but the subpoena was delivered AFTER the closing bell. Who knew about it beforehand??
Hosted by RIA Chief Investment Strategist, Lance Roberts, CIO
Produced by Brent Clanton, Executive Producer
-------
Get more info & commentary:
https://realinvestmentadvice.com/insi...
-------
Visit our Site: https://www.realinvestmentadvice.com
Contact Us: 1-855-RIA-PLAN
--------
Subscribe to SimpleVisor:
https://www.simplevisor.com/register-new
--------
Connect with us on social:
/ realinvadvice
/ lanceroberts
/ realinvestmentadvice
/ realinvestmentadvice
#MarketCorrection #Nvidia #DOJSubpoena #Oversold #Overbought #MarketBullishness #MarketVolatility #20DMA #50DMA #100DMA #InvestingAdvice #Money #Investing