"You always mention the 200 day moving average as your benchmark, but checking the Dow, it reached it,'s low in february on the 150 days moving average. What is your justification for this MA rather than any other as a benchmark."

David Fuller's view I mention the 200-day moving average as a useful, approximate guide to a sustainable medium-term trend. You could use a MA of any other approximately similar duration. However, at Fullermoney we prefer the 200-day MA because more people happen to watch it. This gives it some behavioural significance.