Stocks Indexes Hitting Technical Correction Levels
This week’s selling has seen some indices move into technical correction levels.
Traders this week has seen something a little different due to the amount of selling we’ve witnessed across stock indices. This type of damage hasn’t been observed for a fair while now in five days of trade. It’s global, effecting indices from Asia, Europe and the U.S., with American and European markets suffering the heaviest falls so far this week – most moving to or past that technical level of 10%.
Some of the main falls have been on the NDX100 (Nasdaq) -13.51% and GER30 (DAX) -11.32%, while things in Asia are just about as bad with the JPN225 (Nikkei) dropping 8.44% and the ASX200 dropping 8.52% so far this week.
In today’s video, we run over some of these moves and discuss ideas around the next counter-rally, will it be a bull trap?