{"id":57809,"date":"2011-03-08T13:42:30","date_gmt":"2011-03-08T02:42:30","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2011\/03\/08\/looks-a-lot-like-december-correction\/"},"modified":"2011-03-08T13:42:30","modified_gmt":"2011-03-08T02:42:30","slug":"looks-a-lot-like-december-correction","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2011\/03\/08\/looks-a-lot-like-december-correction\/","title":{"rendered":"Looks A Lot Like December-Correction"},"content":{"rendered":"<p>\n\tBy Rudi Filapek-Vandyck<\/p>\n<p>\n\tThe TechWizard is amongst market watchers who have been taken by surprise by the weakness in global equity markets since Friday. However, he also reports he&#039;s not too worried at this stage.<\/p>\n<p>\n\tAs a matter of fact, and as can be seen on the chart below, this month&#039;s correction in the S&amp;P500 index looks eerily similar to the short term correction that took place in December, he reports. This should bode well for equities in the medium to longer term.<\/p>\n<p>\n\tThe Wizard also notes the MACD indicator is looking similar this time around as was the case in December. Price action is showing a similar triangle correction on charts.<\/p>\n<p>\n\t<img decoding=\"async\" alt=\"\" src=\"http:\/\/www.fnarena.com\/ckfinder\/userfiles\/images\/SP500_Wizard.jpg\" style=\"width: 680px;height: 334px\" \/><\/p>\n<p>\n\tAs long as 1300 holds for the S&amp;P500 on a weekly closing basis the Wizard remains of the view that what we are witnessing is simply a temporary pull back. If 1300 gives in, however, the market&#039;s focus will shift to 1250 in a sign that a much bigger correction is among us, he says.<\/p>\n<p>\n\tThe TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au. All views expressed are the TechWizard&#039;s, not FNArena&#039;s (see our disclaimer).<\/p>\n<p>\n\t<strong>Technical limitations<\/strong><\/p>\n<p>\n\t<strong><span style=\"font-style: italic\">If you are reading this story through a third party distribution channel and you cannot see charts included<\/span>, we <span>apologise<\/span>, but technical limitations are to blame.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The TechWizard reports the correction in global equity markets is sharing some similarities with the pull back in December.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[26],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/57809"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=57809"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/57809\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=57809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=57809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=57809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}