Been waiting for a possible pull back in the market and feel as if this technical chart is telling us something negative is coming.
Fundamentally... Presidential Election is about 8 months away and Trump is running away with the polls. I don't see how the market can possibly dip with him in control of the reins.
Contrary, Mr. Powell- Chairmen of the Federal Reserve could pull the bunch bowl away from the economy by increasing interest rates and causing the economy to slow and the market to slide.
Locally houses are selling $280-$320 a sqft and seem to be staying on market longer.
Only time will tell.
Fundamentally... Presidential Election is about 8 months away and Trump is running away with the polls. I don't see how the market can possibly dip with him in control of the reins.
Contrary, Mr. Powell- Chairmen of the Federal Reserve could pull the bunch bowl away from the economy by increasing interest rates and causing the economy to slow and the market to slide.
Locally houses are selling $280-$320 a sqft and seem to be staying on market longer.
Only time will tell.
Note
Looks like the Black Swan is the "Coronavirus" #coronavirusNote
Trying to post my updated daily chart.
Price action has reached the daily 200 EMA and pulling back.
I drew a FIB extension from High to Lows. Watching for a pullback to slow down around 3,244 then continuing short to a target of 2947-2974.
Note
Sellers are dumping positions as #cornavirvus2019 continues to rapidly develop.
Updated daily chart. Previous target range already hit.
Market is reacting of fear. A bear market will not be confirmed until a measure move is triggered. Looking for market to pull back to first 3175 and if broken then 3212 - 3225 which it cannot break to stay valid. If the levels hold a new target would be 2775.
Good luck. #spy #dji #stockmarket #es1!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.