I wrote on Wednesday that I was looking for a market move to lower lows, with the caveat that in this market it was impossible to give anything a 100% certainty. But, as I’ve noted in recent reports and video reports, the indexes have at least looked like they’ve wanted to break out to the downside. On a closing basis, that is what we saw on Friday as the indexes sold off around 2% or more across the board.
The Dow Jones Industrials Index had been one of the stronger ones since the October peak, rallying above its 50-dma twice while the other two of the big three market indexes only managed to do so once, and only briefly. It is now the weakest of the big three with Friday’s close at its lowest closing lows since the market correction began in early October.
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