Technically speaking, yesterday S&P500 closed with a shooting star candlestick pattern on daily chart, which was a warning signal for bulls...
...today the market continues going higher and it might produce better price to short the equity market.
The COVID-19 pandemic is still out there killing people and lot's of industries (e.g. airlines, hotels or cruise lines, etc.) are not working properly...
...companies cut dividends, while people loose their jobs (more than 6,6 million initial jobless claims in US came out last week).
If you ask me, whether I think the price formed on 23rd of March this year (around 2200) is the bottom for the equity market, my answer would be: definitely not.
What's happening now, seems to me more like "FOMO correction" move, rather than "V" shape economic recovery.
Hopefully I am wrong, but in one thing I am pretty sure: "building - is not breaking"...
...so joining bears from around 2780-2800 price zone seems logical for me.
Keep in mind, that it's important to follow predefined goal and rules when trading.
//
I would very much appreciate if you support my work by hitting like .)
Feel free to share your opinion/position via comment and follow me to stay updated
...today the market continues going higher and it might produce better price to short the equity market.
The COVID-19 pandemic is still out there killing people and lot's of industries (e.g. airlines, hotels or cruise lines, etc.) are not working properly...
...companies cut dividends, while people loose their jobs (more than 6,6 million initial jobless claims in US came out last week).
If you ask me, whether I think the price formed on 23rd of March this year (around 2200) is the bottom for the equity market, my answer would be: definitely not.
What's happening now, seems to me more like "FOMO correction" move, rather than "V" shape economic recovery.
Hopefully I am wrong, but in one thing I am pretty sure: "building - is not breaking"...
...so joining bears from around 2780-2800 price zone seems logical for me.
Keep in mind, that it's important to follow predefined goal and rules when trading.
//
I would very much appreciate if you support my work by hitting like .)
Feel free to share your opinion/position via comment and follow me to stay updated
Trade active:
Sell order at 2790 executed.