S&P 500 - 3000 can be reached, but ultimately it will fall
Hi folks,
Many people have been wondering why the stock market is continuing to move upwards despite all the negative news and predictions of the new crisis as we have never seen it before. I am sure it will become worse, but the effects of it will still take a while to come into play. We are seeing historic numbers in jobless claims, money printers of the FED are blazing and whole industries being completely on a shutdown which will ultimately lead to strong negative impact on the global economy.
From a technical perspective, S&P 500 is moving in a rising wedge which seems to top out at the 3000 mark where the fib 0.62 will serve as resistance. Declining volume confirms this assumption that the temporary bull run after the crash will be over soon. However, for next week I still see some momentum to see upside, before we go down again.
Many people have been wondering why the stock market is continuing to move upwards despite all the negative news and predictions of the new crisis as we have never seen it before. I am sure it will become worse, but the effects of it will still take a while to come into play. We are seeing historic numbers in jobless claims, money printers of the FED are blazing and whole industries being completely on a shutdown which will ultimately lead to strong negative impact on the global economy.
From a technical perspective, S&P 500 is moving in a rising wedge which seems to top out at the 3000 mark where the fib 0.62 will serve as resistance. Declining volume confirms this assumption that the temporary bull run after the crash will be over soon. However, for next week I still see some momentum to see upside, before we go down again.