It seems with the huge amount of macro-economic news providing fiscal and monetary stimulus the market might be trading to establish a trading range between 2,100 and 2,600 points. Very early to say as right now as one bounce does not make a trend.
I am surprised the massive jobless claims news today has not had more of an impact.
Market Outlook.
A previously mentioned, I set 4 targets for the S&P 500 crash.
Target 1: Break of the 2019 Bull Run Support - Achieved Target 2: Break of the 2008 Bull Run Support - Achieved Target 3: Retrace to 2014 Stock Market High at 2140 points - In Progress Target 4: Deep Value Zone - This is where we move down to the 2000 and 2008 stock market peaks.
Interestingly if we were to evaluate market direction according to Dow Theory it would be.
Long Term - Up Medium Term - Sideways Short Term - Downtrend
If this market turned around from here it would be a miracle, I don't believe in miracles.
Today threw me completly off suggesting market is not rational
liberatedstocktrader
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@Altcoinsmart, well said, the market is definitely not rational
Altcoinsmart
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@liberatedstocktrader, In ur forcase, are you taking into account any of the future fundamental outcomes? I think there are only two possible biggest scenarios 1) Economy open by Easter 2) Economy not open by easter.
The way trump is tweeting he doesnt seem to care about Deaths by Corona.
The last thing i want is we open by EASTER and this rallies like anything like a Melt up phase.
liberatedstocktrader
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@Altcoinsmart, Easter is no chance, Trump is living in a dream state. He is adding positive pressure to build up to the real crash.
I couldn't figure out what is the main cause of the market going up today so much today. Short squeeze? Would 2700 be a good time to short it all the way down to 2100? Thanks.
liberatedstocktrader
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@vivianyuenpy, Trumps Bullishness. And the trading opportunity for Algorithm which control 80%+ of the trading volume.
darkshadows
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@vivianyuenpy, Monthly re-balancing happening little earlier