Since a picture is worth the proverbial thousand words, take a look at this simple daily chart of the S&P 500 (as a proxy for the broad market):
The market will certainly correct, but the uptrend clearly remains healthy. In addition to what is shown on the chart above, it would require both the 50-day moving average to turn down AND the 20-day moving average to cross below the 50-day moving average for the uptrend to end. For now, follow the uptrend while it lasts…
