As hard as it is to believe with nCoV on the loose, price action suggests the S&P wants to rally higher. AMZN's earnings will also boost the market and tomorrow is shaping up to be a strong, Gap & Go day.
It's becoming harder and harder to take longer term positions in anything, because fundamentals just don't seem to matter. I was watching the action and the break over 3267 was a very clear signal to go LONG. Barring a small cool-off period that will probably take place overnight, I'm suspecting a strong follow through to the upside.
This will be bullish for everything. Tech (XLK), AMD XLE XLV maybe even EEM who knows.
It's becoming harder and harder to take longer term positions in anything, because fundamentals just don't seem to matter. I was watching the action and the break over 3267 was a very clear signal to go LONG. Barring a small cool-off period that will probably take place overnight, I'm suspecting a strong follow through to the upside.
This will be bullish for everything. Tech (XLK), AMD XLE XLV maybe even EEM who knows.
Trade closed manually:
SPX lost 3267 which was a critical pivot point from yesterday.
Since that break and the fact that buyers barely stepped up to defend it, it is near term bearish. Possibly very bearish given the viral backdrop.
Since that break and the fact that buyers barely stepped up to defend it, it is near term bearish. Possibly very bearish given the viral backdrop.