Dow Jones: Is this the beginning of a 2nd SELL-OFF?
Since coronavirus first broke out in February globally, the global stock market has tanked and plunged in a devastating fashion but has quickly recovered once the lockdown began and the economy started to open up again.
However, it is obvious right now that the US is facing a relapse as new COVID cases rose to an all-time high, and death rate picked up again.
Besides, the US-China tension has worsened in one of the worst situations, and also, the US stock market is obviously overbought and is mostly driven by the government through unprecedented printing of the dollar.
The Dow Jones fell sharply since the COVID cases started to spike again in early mid-June and it struggled to climb as the situation was not under control.
Moving forward, we can see a prominent sign of exhaustion as one of the biggest US stock markets, Apple, plunged last week.
The price was seen resisted at 27000 and started to reverse in the last 2 trading days.
We will see a retest of the bottom of the 4-month rising channel and chances are it will break below if COVID situation, as well as the US-China tension, continued to worsen.
So to draw a conclusion, the long-awaited 2nd wave of a sell-off could happen anytime, and we see the price plunging towards the 24000 and 23000 regions in the next couple of weeks.
However, it is obvious right now that the US is facing a relapse as new COVID cases rose to an all-time high, and death rate picked up again.
Besides, the US-China tension has worsened in one of the worst situations, and also, the US stock market is obviously overbought and is mostly driven by the government through unprecedented printing of the dollar.
The Dow Jones fell sharply since the COVID cases started to spike again in early mid-June and it struggled to climb as the situation was not under control.
Moving forward, we can see a prominent sign of exhaustion as one of the biggest US stock markets, Apple, plunged last week.
The price was seen resisted at 27000 and started to reverse in the last 2 trading days.
We will see a retest of the bottom of the 4-month rising channel and chances are it will break below if COVID situation, as well as the US-China tension, continued to worsen.
So to draw a conclusion, the long-awaited 2nd wave of a sell-off could happen anytime, and we see the price plunging towards the 24000 and 23000 regions in the next couple of weeks.
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