It’s been a rough week for the major stock market indices.
Volatility on the geopolitical and economic front have ushered in some uncertainty.
That said, the S&P 500 Index (INDEXSP:.INX), Nasdaq 100 Index (INDEXNASDAQ:NDX), and the Nasdaq Composite are all at or very close to price target areas where odds favor a counter-trend rally.
The magnitude of the coming rally is to be determined at this point, but we will look for a throwback to the 200-day moving average for each.
The Russell 2000 and Mid-Caps are not at target areas now, so there is a bit more downside potential from here.
Below are charts of the S&P 500 Index and Nasdaq 100 Index.
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The author or his firm have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
