S&P failed to break above the trendline, RSI & MACD both indicate reversal in play. We are ready for final wave 5 to complete this bearish megaphone pattern.
Please be careful out there.
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Seeing similar reversal setups in DAX, Nikkei, Euro Stoxx 50, XJO, IBOV, MOEX, KOSPI, HSI.
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Futures plunging, Trump tested positive for covid-19.
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S&P unfilled gaps below: 2865, 2538, 2300
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One of the nuances that has me cautious is the VIX failing to make lows as SPX headed higher....
@Gao_Capital, big fall possible, before Nov impossible. No market forces is in favour of a fall during election, not in the past 50 years.
Gao_Capital
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@poister198 That happened in 2008, as the financial crisis rocked markets right ahead of Nov. And we’re facing the biggest crisis of our lifetime I believe.
poister198
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@Gao_Capital, yea true i want to agree with you but also in 2008 the crash happened before stimulus. Now there's so much stimulus and more to come. Where is the money gonna go? Spending? Na, just stocks. Covid-proof stocks.
Gao_Capital
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@poister198 Good point. The economic data last 6 months saw the biggest number of positive surprises in history. We are now going to see negative surprises for the next six months, be ready for black swans.
BlackLite
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@Gao_Capital, i've been on a "twin crash" kick for a while now. i agree, even down to the pure 2020-ness of it all. why the hell not?