S&P 500 surges most since March 2009, and stocks fell to brink of bear market at extremely oversold level. As mentioned early, price will find its support near weekly trend-line support at 2300-2350 level. This rebound is well expected and I guess it might last for a few days before it losing momentum. Well, I guess all algo driven systems are making good profit for this month but in such a volatile session, retail investors are scare to enter the markets and simply just remained sideline.
Will it be a dead cat bounce or a new mid-term rally has just begun? I really don't know the answer but I would rather wait for a clear signal and find good opportunity to take profit. First rebound target will be near 2500, I will put some chips off the table near fibonacci targets. Wish me luck...
Will it be a dead cat bounce or a new mid-term rally has just begun? I really don't know the answer but I would rather wait for a clear signal and find good opportunity to take profit. First rebound target will be near 2500, I will put some chips off the table near fibonacci targets. Wish me luck...