Securities Research Services

Wednesday, October 29, 2008

Falling 20-day Average Attracts More Selling

The ever elusive follow through day day failed to arrive. Buyers may surprise us here over the next few days but the fact that the S&P 500 was turned back at its falling 20-day average must be sobering to the bulls.

A couple of days ago it looked as if the October lows would fail. Now we have to wonder if a retest and perhaps a failure of those lows remains in the picture.

Time will certainly tell.

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