Panic selloff. Irrational exuberance replaced by irrational fear. Short the rallies, try not to get killed; GLTA!
Not advice, clearly just an irrational idea. A fierce bear rally can occur at any time, trade at your own risk.
In 2008 it rallied back up to and traded just above the 200 WMA before rolling over for the real crash, a rolling Bear market that devours half equity...
Crash phases: Initial Panic (likely near or at completion); Relief Rally; Despair.
After Despair, accumulation begins the next BULL cycle. Median time in Bear: for S&P, ~7 months, a bit longer for DJIA b/c of sector weighting. Expect the Bear to campaign until October, leading up to the Great Donald's re-election... GLTA!
Day trading at this juncture limits risk, any overnight hold can disappoint.
To play the retrace rally take small pos near the strike, these can fail at any time; look for the usual failure signals to enter short.
A possibility exists that an expanded irregular flat could carry price quite high, possibly up to 3050 / 26408 at the .62 retracement (+570 SPX / +5208 DJIA).
INfections will grow exponentially over next two weeks and panic will return, lotta folks not taking this seriously yet (beach parties and picnics ffs!); will get sober and serious real soon IMO.
I think people are losing money because they expect continuity from day to day.... doesn't work that way.
I agree one more leg. I also expect a short cover rally in the afternoon so gonna wait until right before close. Short some garbage like BYND or CMG.
All the money in the world isn't going to stop the virus.
We're going to see some major bankruptcies, not just small companies but corporations as well. Banks are gonna nosedive when the loans go sour, this is gonna be worse than 2008. We've been in a corporate loan bubble for a while now, and it's gonna pop HARD.
Wayfair (W) alone has $1.5B in loans, there are easily 1000 companies like them. The housing collapse was a $1.5T loan problem, this stands to be much worse. I think we're going to see the second major global economic meltdown involving banks that won't resolve for 1.5 - 2 years.