ASI is down more than 15% from the January 2015 high

6520.33 points on the All Share Index was the 15% low from the high of 7670.98 points on the 12th January 2015. This was shattered out of sight  on the 14th, where another 109.97 points dropped on 1 single day. This worrisome development is bringing more panic to the bulls. Until any sign of a continuous momentum change is visible the market will be in the hands of the bears. We are now lower than the 800 day moving average. The 900 day moving average is at 6326 points and the 1000 day moving average is at 6259 points. We have never seen the 1000 day moving average tested since 2009, that was 7 years ago. The way the market is breaking records it will be sad to see if it falls to this level. The most sad and unfortunate state of affairs is that all the doom and gloom that's happening in the global financial and commodity markets is that all the negative targets are being hit as if the entire drama was pre - orchestrated. The question is that are these so called domino effects relevant to Sri Lanka or not. Market says yes for the time being. As we have plunged below 15% from the 7670.98 high we are now moving in to the BEAR MARKET territory of over 20% that is at 6136.78 points, which is lower than the 1000 day moving average. As this is the 1st time we have come down below 15% from the time the index started rising from the low of 4725 points in June 2012, let's see how things unfold.