Projecting out into 2021, I think Sept-Dec will show to be a , but we have some distance still down to travel before then.
Bounce point 1 off black support line and up to green resistance will confirm trend. If be break bounce 1, a bounce off of point 2 still confirms general, but could contradict consolidation and point toward a bigger downward movement.
I was sucked into the post election & vaccine euphoria and hoped we'd started a new up trend, but we stopped at the Green line and are quickly reverting to prior 3 week downtrend.
We still have months before the Vaccine is widely available, and it's going to be ugly until then.
*NOT FINANCIAL ADVICE - NOT A FINANCIAL ADVISOR*
50/250 SMA has not crossed and still contra indicative for Bull movement.
I think we keep consolidating in a very tight range and then a big directional move comes. Likely downward.
Tech bubble may have NASDAQ underperforming S&P500 for a while, if we do see confirmation with a big impulsive drop.
55% odds we go up, still over above the 50/250 SMA and they're still pointing up.
45% odds we drop, trend is down, and we're over the 2008-2012 uptrend line.
Keeping 90%+ on the sidelines for now until a clearer direction is shown.
Attempts to bet on the upside on UPRO and a rotation to SP500 have been losers.
QCLN and USD holding strong and rising overall. Individual manufacturer stocks have outperformed indexes lately (F, GE, BA).
Looks to be headed up.