🏆 Today's Chart of the Day was shared by Eric Conrads (@conradseric).
- Stocks suffered their worst day since April on Friday, with the MSCI All-Country World Index ($ACWI) dropping -2.6% and wiping out nearly a month of gains in a single session.
- $ACWI has traded above its 50 and 200-day moving averages for nearly six months, and it remains above both even after today’s sell-off. However, it lost its 20-DMA for the first time since early September today.
- While today's sell-off damaged the short-term trend, the intermediate-term and long-term uptrends remain untouched. A decisive break below the 50-DMA next week would raise the risk of a deeper correction toward the 200-DMA.
The Takeaway: Stocks just saw their sharpest sell-off in six months, with $ACWI tumbling -2.6%. The short-term trend was damaged, but the broader uptrend remains untouched.
