With the outbreak continuing to spread worldwide, the market is continuing its downward spiral
One lesson investors might take from this week's action: Take small bites. As much as we'd like to remove emotion from the equation when it comes to investing and trading decisions, emotion is of human nature. But taking an all-or-none approach has—historically anyway—been generally a suboptimal approach. On the way up, no one knew where the top would be—or whether we'll return to those levels in the near future. Similarly, no one knows where we'll find a bottom in this down leg.
If you look around the rubble left after the major indices gave up an early comeback attempt and closed well below their 200-day moving averages and other key support levels, there were a few green shoots poking through. As the meltdown took hold, they might have become difficult to see, but here's a sample.
Another key stock to watch is Apple , because it’s such a bellwether—for the state of the U.S. consumer economy as well as the global supply chain. Is AAPL priced fairly for what may be a coming hit to earnings, or does it need to come down more ? People traded AAPL in response to tariffs and now in response to the virus. AAPL got hammered Thursday, falling more than 6%.
This quick move below those key levels of around 26,700 for the $DJI and 3050 for the SPX appeared to help push the pause button and arrest the wild selling out of the gate. Those levels didn’t hold up as we headed to the close. But on a weekly chart, that goes back at least five years, the 200-week moving average support level is at around 23,550 for the $DJI and 2632 for SPX. So longer-term, the trend still appears to be bullish.
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