Just hit the top of the megaphone here and all indicators are signaling for a continuation of the long term downtrend.
With coronavirus on the rampage, dismal Q2 earnings on it's way, benefits all set to expire and a combative Congress, only a matter of days before the bottom drops out.
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Bear Capitulation is the final stage in Crash Market Psychology.
The psychology is on the exhaustion gap filling at the 3200 but I really do think we we make a new ATH before the election to watch it crash during the election. Technical Indicators are great for a well-behaved market which we are not in
ProfitHarvest
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@BoneFunkenstein, the psychology is on the panic that will sweep across this country as sunbelt states each simultaneously experience a similar massive spike in deaths that NY first went through months ago. See @Glitch420 COVID analysis for some sobering reading.
Not to even mention sustained >10% unemployment well into 2021. The massive default wave that will follow from that dramatic loss of income.
Your market psychology analysis seems too narrow.
BoneFunkenstein
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@ProfitHarvest, I do have laser vision. Ask me when You think I got out of the market and back in the market based on my algo in chart below? I circled the 5 short signals in 3 days and dumped all my money in UVXY.
horacejunior
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@BoneFunkenstein, what indicator are you using that so conveniently tells you to short with such laser vision?
@BoneFunkenstein, impressive and well done. What does it say now? Long fed long?
BoneFunkenstein
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@horacejunior, I took the call signals out. Consider the following chart. The chart on left is the current price action, the chart on right is the last V shape recovery we had on Dec 2018. See any similarities? Remember they pumped trillions into the market like they just did a month ago
BoneFunkenstein
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@horacejunior the top blue line is exactly where the exhaustion gap is and it will fill. ALL COVID related phases are factored into the market. The real panic is over unless the virus goes super-viral and starts killing children which is a real possibility but that will in late Sept after they have gone back to school. I would not short here, only when I get consecutive signals in a row on the 4 hour chart. They will Bear Trap the dumb money at this point
horacejunior
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@BoneFunkenstein, yes having been the dumb money I’m certain of that.
horacejunior
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@BoneFunkenstein, and feel free to let me know when you get those consecutives :)