A second critical juncture (see my post on XLF for the other)
I suspect that if the NYA fails to breech the 2018 ATHs, a devastation wave beyond imagining shall arrive to likely completely a large degree 4th wave or, worse, a bull market termination megaphone pattern. Currently the daily and weekly RSI and sudden red shift in daily MCO suggest this is the higher probability. This bearish shift has suddenly arrived in the presence of both H.O. and Titanic Syndrome signals.
If we break above the ATHs, there is indeed a chance that a 2016-2017 type rally will resume. However, I still do not think it is a high probability, given where we are in the economic cycle. Rather, I suspect, something very strange would play out instead.
Trade safe, friends.
If we break above the ATHs, there is indeed a chance that a 2016-2017 type rally will resume. However, I still do not think it is a high probability, given where we are in the economic cycle. Rather, I suspect, something very strange would play out instead.
Trade safe, friends.
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.