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Chart for Study- $SPY - Did We Hit a Short-Term Bottom

10/19/2014

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On CNBC on Friday, Jim Cramer called a 'bottom' for the year. I don't know the exact reasons he has for making this call, but based on the chart below, I simply can't agree with him that the general market is out of the woods. 

Let's break it down in more detail. 

The S&P 500 broke the 200 Day Moving Average and stayed below that red-line for the entire trading week. What's more - is even the snap back rally failed to get close to the all-important 200 Day. Why is this important? Basically, stocks can be complicated - however, there is a simple rule I use when judging stocks/indexes - Above the 200 day - uptrend - below the 200 day - downtrend. Until the S&P 500 re-gains the 200, I'm not saying the market is out of the woods. Watch 190 here (1900 in the general S&P 500)
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