The 'Bottom' May Not Come Until the 2600s if this is a Pandemic
We broke the key level of 3026-3030 and the psychological level of 3000. DO NOT ENTER LONGS OR YOU RISK BLOWING YOUR ACCOUNT WIDE OPEN
--
There is a high likelihood the sell-off will continue Friday and into Monday and potentially even Tuesday of next week as this black swan event of the coronavirus lingers all over the global markets (world-wide, not just the USA).
While eventually a bounce may come, it will eventually be faded as algo-bots look for profit as confirmed several times by the NYSE 'Arms' Index. The global markets have clearly unwound and significant fear has clearly blossomed into basically, a crash. As a result of this virus just getting started, and transitioning into a pandemic with new cases popping up all over the world, I see no MAJOR support until we reach the 2600s.
This trend-line has acted as support 8-9 times over the past decade from major corrections and I see no reason why it is not the potential actual "bottom" UNLESS it lingers longer than Q1 of this year.
IF this virus lingers for several quarters such as through Q2 and Q3, I will have to revisit this idea as further downside could be very possible.
- zSplit
--
There is a high likelihood the sell-off will continue Friday and into Monday and potentially even Tuesday of next week as this black swan event of the coronavirus lingers all over the global markets (world-wide, not just the USA).
While eventually a bounce may come, it will eventually be faded as algo-bots look for profit as confirmed several times by the NYSE 'Arms' Index. The global markets have clearly unwound and significant fear has clearly blossomed into basically, a crash. As a result of this virus just getting started, and transitioning into a pandemic with new cases popping up all over the world, I see no MAJOR support until we reach the 2600s.
This trend-line has acted as support 8-9 times over the past decade from major corrections and I see no reason why it is not the potential actual "bottom" UNLESS it lingers longer than Q1 of this year.
IF this virus lingers for several quarters such as through Q2 and Q3, I will have to revisit this idea as further downside could be very possible.
- zSplit
