The ProLogis … ‘Push’

Shoved Off The Cliff

“Push” may not be the right word.

For ProLogis, it’s possibly the single largest downward thrust ever.

We’re using PLD, as the proxy for the real estate (IYR) sector as it’s the largest cap equity.

That’s true for now … but maybe not for long.

ProLogis PLD, Daily Chart

From the data available, it’s the largest single-day, down-thrust energy, going all the way back to May of 2016.

The daily close, shows a terminating wedge is in-effect.

So far, PLD is down about – 12.3%, from all-time highs and looks to be heading for the lower (wedge) trend-line.

PLD Behavior During a Market Rout

It’s straightforward.

Using 2008 – 2009, timeframe as the proxy, PLD was vaporized; straight down for two-months.

Hanging By A Thread

Getting in close to the action, we have the 4-Hour chart below.

It’s currently about 1:30 p.m., Eastern.

The first half of today’s session attempted to retrace the down-move. It did not even make it to the 23.6% level.

The low of that 4-Hour bar is marked … 151.85.

If the current 4-Hour bar penetrates 151.85, without moving higher, it may show PLD as ready to continue lower to the bottom wedge trendline.

Stay Tuned

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.

The Danger Point®, trade mark: No. 6,505,279

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