It's all running on hopes and dreams people. Gonna chunk down early June (maybe ~22) and probably hold on for dear life as congress fails to act and coronavirus weighs increasingly heavier than expected on the economy. If this thing breaks up, it ain't lasting very long before collapse.
Will be volatile between 21 and 23 until that Q2 data hits and slaps people in the face with a big dose of 'F&*K your V-shaped recovery' sometime July or August.
Whatever that moment ends up being, it'll finally chunk down below 21 and programmatic selling will kick in, roughly duplicating the mid March crash but down to ~16.
Now might be a good time to harvest some profits and prepare for a feeding frenzy.
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For the love of God, do not buy into the vaccine hype. Minimum 12 months to vaccine plus production and distribution ramp. We're only two month in here people.
Beautiful triple top setup thanks to today. No way it breaks through tomorrow. We'll drop to support bound, bounce into a decent shoulder and then early June it'll break and stay below support.
Brother, I salute you for your great work. I have been monitoring it, I have learned to follow the trend not based on my opinion or my feeling, but on the market. the PPT and the fed are determined to bring these to ATH levels, no matter what. however I agree with you on the DIA, DOW transport shows a lot of fatigue. I ask you, do you keep this setup or did you extend to July?
Absolutely, feelings don't matter, only data matters.
The more data points that confirm your hypothesis, the better and bigger your bet.
I basically dropped the DJI completely because SPX has way more action here and seems the better market barometer.
Here's my latest market crash update:
Follow for more :).
mckeenj2
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I live is australia, they are all madly buying here too, the virus is affecting the brain their judgment, it is time to dive not try to climb out. all gone mad.
jerome from planet earth
Ringadingding someone has to sing
Dr_Roboto
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I track the S&P 500, but I have the same general analysis (I post them all: SPX, VIX, and AD line). I am anticipating a pullback starting at the end of this month and bottom around June 10-15. My expectation is a test of the lows in the first week of April.