INDICES : similarities with 2008
​How important was the bottom that we reached a week ago? Is it the end of the bearish trend? Doubt creeps in when the market moves fast against one's trades...Yet, indices are still below their September peaks. Bearish trends are still active. On top of that, complacency is still clearly present. Looking back in time, the current situation is actually extremely similar to the situation in early 2008... This does not mean that the market will follow the same dramatic course. But it means that the August and September lows are indeed temporary short term matters, not the end of the medium term trends. We are approaching meaningful resistances (September peaks). The market may turn around fast or it may -just like 2008 Spring- stay flat around those levels for a few weeks. It is too early to say what the next short-term move will be like
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