I did not post this morning because I was interested to see how the markets would sell off. The market did not disappoint. A week ago I posted on how the SPY would be stubborn to break down and it surely has been.
The attention this week has been on the energy sector (RIP to those May contract holders) which has been devastated to say the least by the COVID-19 Pandemic. Which the attention stays with energy, I think we could see some great buy opportunities this week in equities and possibly crypto.
Above is the chart for the DIA, a Dow Jones Industrial Average ETF. It is approaching a confluence of support of the 0.236 and the previous high set a $224.96. The controlled manner of the current 'selloff' has me skeptical of continuation beyond this point.
Earlier I mentioned possible opportunities to buy some equities. Apple may be one to check out. This chart shows how Apple, like the DIA, is attempting to retest the high from earlier in the month. If you do consider going long, do keep in mind the heavy resistance overhead. Keep tabs on your stops.
The last chart is my speculative play of the week. My goodness has Ethereum been stubborn!
Though volatile in spurts, crypto in general has been a snooze fest this month. I guess that's what you get when half your value is lost in less than a week. Ethereum, like the broad market is approaching resistance. The pattern of this rally is indicative of an ABC correction. I'll be selling the red box if we get there this year...
The attention this week has been on the energy sector (RIP to those May contract holders) which has been devastated to say the least by the COVID-19 Pandemic. Which the attention stays with energy, I think we could see some great buy opportunities this week in equities and possibly crypto.
Above is the chart for the DIA, a Dow Jones Industrial Average ETF. It is approaching a confluence of support of the 0.236 and the previous high set a $224.96. The controlled manner of the current 'selloff' has me skeptical of continuation beyond this point.
Earlier I mentioned possible opportunities to buy some equities. Apple may be one to check out. This chart shows how Apple, like the DIA, is attempting to retest the high from earlier in the month. If you do consider going long, do keep in mind the heavy resistance overhead. Keep tabs on your stops.
The last chart is my speculative play of the week. My goodness has Ethereum been stubborn!
Though volatile in spurts, crypto in general has been a snooze fest this month. I guess that's what you get when half your value is lost in less than a week. Ethereum, like the broad market is approaching resistance. The pattern of this rally is indicative of an ABC correction. I'll be selling the red box if we get there this year...
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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.