Weekly chart:
S&P500 looking stong ( once again )
Both 50 and 100 MA defended and reclaimed after brutal Corona Sell Off
As long as price stays above 50 MA ( around 3030 ) I would expect further gains
If panic arises again and prces drop, 2875 and 2585 are important support levels
All in all it looks like long term (stock) investors can settle back. Still pullbacks are to be expected but I don’t expect the extreme volatility of last week to continue
S&P500 looking stong ( once again )
Both 50 and 100 MA defended and reclaimed after brutal Corona Sell Off
As long as price stays above 50 MA ( around 3030 ) I would expect further gains
If panic arises again and prces drop, 2875 and 2585 are important support levels
All in all it looks like long term (stock) investors can settle back. Still pullbacks are to be expected but I don’t expect the extreme volatility of last week to continue
Comment:
so far it's not looking great. if tomorrow's red again it looks bearish