Searching For A Bottom
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In our previous March 11th Stock Market Update, we pointed out that the benchmark S&P 500 (SPX) was testing, and starting to rebound from, formidable underlying support at 2729 to 2722. We said that, should this support be broken, the next key level was an additional 5% below the market at 2604.
SPX subsequently crashed below 2722 the very next day and has since declined by an additional 539 points or 19.5% into yesterday’s (March 23rd) low.
Chart 1 below plots the S&P 500 weekly since 2015 and shows that most recent market collapse has positioned the US broad market index at another underlying support level, 2193 to 2133, which represents the August 2016 and May 2015 benchmark highs.
People say the market has a memory. But it’s really the collective intelligence of investors that has a memory, and this memory reveals itself in these underlying support levels in price charts.
This latest test of support, which is nothing more than some previous important index highs, sets up yet another decision point for investors. If there is some meaningful investor interest to buy at SPX 2193 to 2133, then we will see market internals start to improve via our tactical models, the Correction Protection Model (CPM) and Asbury 6.
Without improving market internals, however, this support is unlikely to hold and will give way to a deeper decline, perhaps down to the next support level shown on the chart.
Our latest video below shows how we have navigated these recent market conditions in real time.
Asbury Investment Management (AIM): Our Latest Video
Asbury Research Ideas, Expertly Managed
Here is our March 24th 2020 Video Review, which explains how we have recently utilized Asbury Research’s market analysis and investment ideas to professionally manage client portfolios.
AIM offers a unique approach to investment management that is data driven, dynamic, and solely based on the currenttechnical condition and quantitative risk/reward profile of the financial markets.
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