Stocks Analysis by Jani Ziedins covering: S&P 500, iShares Core S&P 500 ETF, SPDR® S&P 500, S&P 500 Futures. Read Jani Ziedins's latest article on Investing.com
tumbled another 0.8% Thursday as the wave of reflexive selling continued. The index violated 4,450 support and the 50dma earlier in the week, and the latest victim was 4,400 support.When I have cash, I’m always looking for the next bounce, but Thursday’s price action didn’t give me an entry point, and that means I’m still in cash. No harm, no foul.I hope prices will fall even further on Thursday and Friday. But if they don’t, I will be one of the first standing in line to buy the next bounce.
Remember, we don’t buy dips, we buy bounces. And as always, start small, get in early, keep a nearby stop, and only add to a position that’s working. Follow those simple rules and we will be ready for whatever comes next. The nice thing about one-way selloffs like Thursday is they tend to bounce early the next session. That means if we buy early enough, that initial bounce will give us a handy profit cushion to play with.
On the other hand, if another wave of selling is headed our way, that early bounce will fail, and the sell-off will resume. In that case, we pull the plug at our entry point and try again later Friday afternoon if the market attempts another bounce.
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