Has the Market Correction Begun?
That is the $1,000,000 Question!
Take a look at the below chart we created. The chart highlights where the first level of support can be found and the level indicative of a correction (10% pullback). Furthermore, we pointed out where the trend began.
We believe it will be healthy for the market to experience a correction or even a near term crash. There is no better time for a correction than the time when the economy is “clicking on all cylinders” and companies that elected to do “buybacks” are flush with cash. In a rising interest rate and inflationary environment, asset prices have to reset especially if “value” is to return to the market in some capacity.
We will keep out eye out especially if the market begins to approach the $2673 level. If it can’t hold support at that level, then start looking for a pull back to $2586 which represents a 10% correction. If we blow threw that level, $2560 and/or $2544, then all bets are off – shtiznik is going to get crazy!
Don’t let market corrections spook you. Trends move in waves and cycles. Remember the trend is your friend until it bends at the end! Stick to your plan, have a rebalancing strategy and an exit strategy.
We will update you on this activity, so come back to The Broke Lab (www.imdeadbroke.com) often.
Enjoy your weekend!
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