Nothing to see here! Just googled ABCD trading and drew some stuff for the first time, and watching three support/resistance levels: 2815. If we breach that, then 2740, then 2630, which would be exactly a 10% retracement from ATH from this double top.
This market just feels like it's desperately hunting for a catalyst to sell. Things I've heard: German flash PMI, trade wars, weak US housing data, yield inversion on 3M vs. 10Y treasuries, global slowdown fears, the New York Knicks, demand for negative yielding corporate debt, the amount of private, unregulated corporate debt, Trump tweets. It's exhausting.
But given the Fed's May meeting minutes, the inflows will be endless. Mutual fund Mondays are here to stay. Spooz too expensive to buy, but can't short it either.
This market just feels like it's desperately hunting for a catalyst to sell. Things I've heard: German flash PMI, trade wars, weak US housing data, yield inversion on 3M vs. 10Y treasuries, global slowdown fears, the New York Knicks, demand for negative yielding corporate debt, the amount of private, unregulated corporate debt, Trump tweets. It's exhausting.
But given the Fed's May meeting minutes, the inflows will be endless. Mutual fund Mondays are here to stay. Spooz too expensive to buy, but can't short it either.
Comment:
I forgot to take into account Memorial Day...