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Asset Watch
Tuesday, March 12, 2024
The S&P 500 has risen by more than 80% over the last five years, while Costco is up by more than 200%. As such, the optimists have been rewarded for capitalising on corrections.
And like historical sell-offs, the 50-day moving average could be meaningful. Since 2020, sharp rallies have either found support at or near the 50-day MA, while verified breakdowns led to much deeper pullbacks.
Therefore, if Costco can hold the 50-day MA (near $705), a long position is justified. If not, practice patience and wait for a better entry point.
So, will Costco make a quick recovery, or is this the start of the next bear market?
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