$US500 - S&P500 futures - COVID crash 2.0 or correction ..?
- BREAKING NEWS -
According to WHO, the new covid strain is considered "serious"
Let's see what this is all about. Technically we are playing out a bearish divergence that has built up since we found that top on november 5th price kept sloping up, but momentum was fading. And news like today is a perfect catalyst to make such a divergence play out.
We have some sort of support/demand line coming in again, we created that support line, when we found the bottom of the sept/oct correction and even backtested it nicely couple days after.
I think coming back to that trendline is healthy for the market, and if market participants really buy that demand again, we might be up for an aggressive rallye. If we smash that demand line though, I think there could be a bit more downside to this.
I think, at the moment its well advised to have decent cash posotion on the sideline rdy to be put to work.
I will post a LONG setup, whenever there are signs that market might be rdy to run.
At the moment, I don't think that we will be fully crashing, but, if we break that demand line with high volume, and maybe even backtest it as new resistance, then a short might be something to think of.
Stay tuned, and please comment like and follow me if you can :)
According to WHO, the new covid strain is considered "serious"
Let's see what this is all about. Technically we are playing out a bearish divergence that has built up since we found that top on november 5th price kept sloping up, but momentum was fading. And news like today is a perfect catalyst to make such a divergence play out.
We have some sort of support/demand line coming in again, we created that support line, when we found the bottom of the sept/oct correction and even backtested it nicely couple days after.
I think coming back to that trendline is healthy for the market, and if market participants really buy that demand again, we might be up for an aggressive rallye. If we smash that demand line though, I think there could be a bit more downside to this.
I think, at the moment its well advised to have decent cash posotion on the sideline rdy to be put to work.
I will post a LONG setup, whenever there are signs that market might be rdy to run.
At the moment, I don't think that we will be fully crashing, but, if we break that demand line with high volume, and maybe even backtest it as new resistance, then a short might be something to think of.
Stay tuned, and please comment like and follow me if you can :)
Hallo und herzlich Willkommen bei 10xTrading -
Dein Kanal, rund ums Thema Charttechnik !
Dein Kanal, rund ums Thema Charttechnik !
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.
Hallo und herzlich Willkommen bei 10xTrading -
Dein Kanal, rund ums Thema Charttechnik !
Dein Kanal, rund ums Thema Charttechnik !
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.