Ok, here we go again. 2nd wave of Covid19? spike in many cities? disconnect between real world and the stock market finally hitting home? etc etc.! To be honest, it appears to be a disconnect but as a technical trader I would just make it simple and follow the charts - although the emotions of trading is anything but simple! :)
S&P's recent pullback is still within the range of a market "consolidation" and with support zone around 2940-2960 (horizontal support and 61% fib retracement). At the worst case, we will retest the recent pivot low @ 2923. A test and rebound is fine. A close below this worst case scenario (2923) will mean it is safer to err on the side of bearishness and stay/get out. So let's see.
S&P's recent pullback is still within the range of a market "consolidation" and with support zone around 2940-2960 (horizontal support and 61% fib retracement). At the worst case, we will retest the recent pivot low @ 2923. A test and rebound is fine. A close below this worst case scenario (2923) will mean it is safer to err on the side of bearishness and stay/get out. So let's see.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.