The 120-day moving average is around 89,000, which sounds like a support level, but there's a problem—89,000 itself is a previous high point from the earlier push around 87,500. Once it touches 89,000, it will very likely be pushed back down to around 87,500. The panic level of dropping to this area is honestly probably second only to the drop from 128,000 to 80,000. Rather than struggling to guess the bottom, it's better to sit back and see how the market plays out.
The 120-day moving average is around 89,000, which sounds like a support level, but there's a problem—89,000 itself is a previous high point from the earlier push around 87,500. Once it touches 89,000, it will very likely be pushed back down to around 87,500. The panic level of dropping to this area is honestly probably second only to the drop from 128,000 to 80,000. Rather than struggling to guess the bottom, it's better to sit back and see how the market plays out.