Decided to do this as a separate message because I find the new boards get harder to navigate as the messages pile up. I recommend that people take a close look at the daily chart on the stockcharts website with the 50 day and 200 day showing. I think it shows pretty well how those moving averages are being looked at carefully for cues as to the stocks next move. Click the inspect box to help see the dates. You can really see how traders bailed out when we couldn't hold the 50 day sma on Feb. 25 after a few days of trying to hold it. Next stop the 200 day sma, and now you can see the struggle at that moving average, as we attempted to hold it initially, and now it has acted as resistance on 5 separate days. This tells me that people are watching and trading with that 200 day sma in mind. I really do think it works at least to a large extent because a large number of people are using these moving averages to make short term buy/sell decisions.
Turbo, After watching what it did today....another rejection at the 200 day, I'm not confident at all. Technically you would wait and see where it settles out and begins to either form a base, or gets washed out with a high volume selloff day. I still think though that it's going to find support in the 35 zone, maybe a little lower. Because of that I still have some, but a relatively small position. I'll wait now and see what happens because I do think that we could get a market selloff any day after so many up days in a row, but my plan now is to add to my position if we dip under 35.