First, the index just tested and held its 50-day ( ) for the first time since it ripped through that line in mid-April. It’s a pretty simple indicator, but widely followed.
Next, Friday’s low roughly was almost exactly at the 23.6 percent level, based on the low from early April.
Third, Friday’s close was slightly above the 3338 level where the index closed on February 21, the Friday immediately before coronavirus hammered the market.
Finally, negativity remains very high with just 24 percent of respondents in the last AAII poll identifying themselves as . Meanwhile, we’re likely to hear more soothing words from Chairman Powell on Wednesday.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, and cryptocurrencies. See our Overview for more.
Disclaimer, I am brand new to playing on the S&P. I do enjoy following the S&P Debt to Equity reports, Spoiler: it is not looking good for sound money.
One more exhaustive move up ---> potentially new all-time highs ---> mainstream media has a bullish epileptic seizure ---> only lasts a day or two ---> rugpull ---> confirmed not a pullback ---> crash.
Only the exorbitantly greedy and incredibly ignorant will actually feel pain, so don't worry too much about it.