Stock Declines Didn’t Break 9-Year Support

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Stock Declines Didn’t Break 9-Year Support

U.S. Stocks

We often hear “Stocks take an escalator up and an elevator down!” No doubt stocks did experience a swift decline from the September highs to the Christmas eve lows. Looks like the “elevator” part of the phrase came true as 2018 was coming to an end.

The first part of the “stocks-take-an-escalator-up” seems to still be in play as well, despite the swift decline of late.

All of these indices hit long-term rising support on Christmas Eve at each (1), where support held and rallies have followed.

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