- Well it didn't take much for the SP500 to melt through previous resistance and the index has "melted" up towards the 200dma and 'ambush zone' (0.50-0.618 retracement) of the major leg down .
-Almost 20% up from the swing lows ,the move is rather surprising in the current market climate and essentially bearish negative narrative for the US economy going forward.
- Rallies in bear markets can be vicious when you mix short covering with fomo traders buying the next move up.
- Important to note that volumes have also been very light, oscillators now in the overbought territory
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
-Almost 20% up from the swing lows ,the move is rather surprising in the current market climate and essentially bearish negative narrative for the US economy going forward.
- Rallies in bear markets can be vicious when you mix short covering with fomo traders buying the next move up.
- Important to note that volumes have also been very light, oscillators now in the overbought territory
-- MANAGE YOUR RISK - -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
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.
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.