NASDAQ is very overbought and there is a huge RSI divergence. Additionally it is sitting at the top of a channel, forming a strong resistance. With the recent buying hype and people going long, it would make sense that they will bring the price down to cash in all the longs. Of course wait for confirmation, as this is NASDAQ and it can keep going up indefinetly. A...
I think the worst has yet to come to the markets, as we are discovering the real impact COVID-19 has on the economy. Right now US30 and other indices appear very inflated.
After testing some highs, I am looking to short US30 trailing stopping it to previous March lows.
• US-China trade war tensions still lingering
• Lower daily highs
• Sluggish easing of COVID-19...
Minor oil disruptions in the past have caused a surge in oil prices and I do not expect this to be different despite the back up oil supplies. In the next days it will become obvious the damage to the Saudi oil refineries is severe. This bull run may just be getting started.
