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what's next for this incredibly ridiculous follow market destroy everybody crazy when Wall Street gets emotional you only do we need to try as hard as we can to put our emotions to the side make some logical decisions that's why I like to fall back on the technicals in times of turmoil because they give us a more quantitative more empirical less emotional approach so tonight we're going off the charts with the help of carol brodie she's that brilliant technician he runs the Fibonacci Queen comm website well obviously my collar get real money calm where I blog to get her read on this topsy-turvy market now the last time we spoke to broaden early February she warned us that the sp500 might be vulnerable to a major correction she told us that we could have a bit more upside maybe two or three percentage points better for that she expected term on tomorrow that's exactly what we got I bring this up because Britain also told us to watch this one for one very specific thing now take a look at this daily chart of the SP okay 500 and he's seen the blue poulos the five day the red is the 30 day see the blue in the red lines the blue line is the five-day exponential moving average the red lines the 13 day exponential moving average broadens always looking for crossovers or when the five day goes above the 13 day she likes to use that as a buy trigger if it means you've got momentum on your side when the five day goes below the 13 day the momentum is against you and often as a see we should sell does the trigger always work of course not but she says it's helpful pretty high percentage of the time and when it's right it is really right so on Monday of last week the five-day crossed below the 30-day and if you were watching these exponential moving averages like we told you to you you want to get you should have gotten now right there just like she said you wanted to sidestep the whole correction view so on Tuesday morning but you could avoid a lot of pain the S&P is down about 7 percent since then that's one of miss kinds those kinds of pain even for yesterday's huge bounce oh and we're down nearly 9% so she told us to be aware of a major of a big sell-off a month ago so what the reason I got or is it you know she's predictably would have this rally and then she predicted we'd have herself I think that's pretty fabulous work in other words she nailed it so does she see at me next all right now check out the daily chart of ESP with all Grodin's Bonacci goodness as the market was getting hammered list we brought one to know when the decline would end this is where her Fibonacci methodology comes into play she measures the scale and the duration of past swings and he give him security then she runs them through the filter and Fibonacci ratios that's a key series of numbers discovered by the medieval godfather of math Leonardo Fibonacci and that gives her a set of levels and dates where trend is likely to reverse itself it's the dates were concerned with right now Brodin started calling for a bounce on Friday because of these Fibonacci time cycles and sure enough the market started showing signs of life on Friday afternoon before exploding higher yesterday although we've now repealed a decent chunk of that the game was just had so what's next if yesterday's lows hold can the S&P resumed its long-term uptrend Brody says it's a possibility and if that really was the bottom then the S&P could eventually work its way back to 3539 however since this one's here she also thinks you need to be on alert to the very real possibility continued breakdown as we saw today the Fed is pushing on her string with a double rate cut you can't cure the coronavirus with lower interest rates as long as this outbreak keeps spreading it's going to wail the market because the economic impact could be severe so Brody's not convinced that the average is a bottom tier remember the five-day exponential moving average is still below a 13-day which tells her it's time to sell plus the SP is now well below its 50-day simple moving average and we're falling through every meaningful floor support that we had if we end up retesting friday's lows Rodin's not sure they will hold so we have a mix kivett it's one of those I typically don't like this kind of situation I like them when they're clear on the other hand if that load does hold then the upside could be enormous but if you want to make a bet Broden says you need to be ready to bail if the trade starts going against you so what you'll see from that is if it does go through there'll be a lot of people who suddenly just sell okay so there's gonna be a whoosh down if that level doesn't hold all right let's put this in context I want you to take a look at daily chart of the most largest company on earth Apple now when Apple put on a bottom on Friday you would cluster Fibonacci relationships pointing out that a pivotal lo might be in the works Brody's methodology predicted there would be a powerful force support around two hundred and fifty six dollars well where did I will bottom two hundred fifty six dollars you also had a bunch of tiny cyclist pointing to the possibility we read that on Thursday or Friday well sure enough yesterday Apple exploded higher morale came back some of those games the slope one thirty bucks from its lows just a few days ago now elbows the Sicilian resistance at 3:12 but if you clear that hurdle she's going to 347 of course if the floor doesn't hold or fails to clear that ceiling well you're looking in a much more bearish story bottom line the charge is interpreted by caliber Odom suggests that some stocks might be safer to pick at you're like Apple but the border recipe 500 might not be out of the woods yet as we saw today yesterday's u s-- bounce could prove to be a tad ephemeral Xander in Washington Xander oh yeah yeah oh yeah I'm looking to add AMD to my portfolio with today's big spike and fell off would you recommend hopping on the AMD train sometime this week I am at this very moment a little more conservative I happen to like AMD so you could say well Jim are you back with Mandy I'm backing away from a lot of stocks that have economic cyclic ality even a company as fine as AMD might have some and I just think you're gonna get at lower level so I'm not saying it's a bad company I like it I'm not telling you to sell it I'm just saying if you had a new position you wanted to start I don't know whether this is the time because the cyclical stocks are doing terribly but AMD is a real good company now in a volatile tape it's important to put emotions to the side the chart suggests that there's some stocks that could be safe to pick at like Apple but the porter S&P not out of the woods let's warm it money in you tough to navigate the market's recent turmoil but could it yield a buying opportunity in a really cool company called the fargo that has the economics in Pigalle I've got this exclusivity earners been between a hundred million dollars and rate cut I choose the money I'll explain what an order calls rapid fire tonight's edition of the light so stay with favo
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