This is absolutely beautiful. Rode some of the move down (should have stayed in longer!) but I think potentially the downward technical move may be approaching an end, at least near term.
Long term, if the fundamental issue of tariffs and recession risk does not subside, we may see much lower levels given that we hit the upper end of a trendline that goes from 2000 and 2008 highs. I have more thoughts on this, but will revisit and do an update on the plot a month from now.
Long term, if the fundamental issue of tariffs and recession risk does not subside, we may see much lower levels given that we hit the upper end of a trendline that goes from 2000 and 2008 highs. I have more thoughts on this, but will revisit and do an update on the plot a month from now.
Note
Holy moly! I don't remember seeing a 10% rally in half day, ever. 7% down, yes, but up?! I don't think even the 2008 meltdown provided such juicy rallies either. Volatility still reigns, even if it diminished today. Took significant gains off the table and am a happy man! Remember, when you get complacent again, they will rock the boat. So stay cautiously watchful.
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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.