We may derive the following from the J200 Monthly chart:
1. Due to the ongoing decline in the global economy, the Top 40 fell to a major support line.
2. A significant amount of buying occurred at the monthly trend support.
3. IMO, price will either:
a) Retrace to the previous trend support before continuing to decline as part of a bear market; or
b) Price declines to the support, where a base is formed - so as to continue on the upwards trend.
4. Time will tell. As always - maintain your risk.
Note: The views provided herein do not constitute financial advice.
1. Due to the ongoing decline in the global economy, the Top 40 fell to a major support line.
2. A significant amount of buying occurred at the monthly trend support.
3. IMO, price will either:
a) Retrace to the previous trend support before continuing to decline as part of a bear market; or
b) Price declines to the support, where a base is formed - so as to continue on the upwards trend.
4. Time will tell. As always - maintain your risk.
Note: The views provided herein do not constitute financial advice.