We formed a diamond bottom last week and had a false breakout to the downside that quickly turned bullish after it was revealed that Trump was just "trolling" when he mentioned wanting to fire Powell. Once we broke the soft 536 resistance we moved right to the downward trendline (drawn in yellow) hovered there briefly and then cracked through it.
We ended last week with a bullish engulfing on the weekly chart and spent these first 3 days at the high.
Good earnings kept the market bullish and in the last hour a mineral deal was signed with Ukraine.
The bears have little left in the tank, Tariffs look like they are going to be solved in the near future and fear is decreasing. Promising news on Ukraine is turning the wall of worry into a wall of excitement.
This is not feeling like a bear market rally, this is looking like the next phase of a bull market.
The decline trendline from march can be flipped to bullish and we are climbing steadily on that new line, this recovery is V shaped.
I expect resistance in the 570-580 range.
We ended last week with a bullish engulfing on the weekly chart and spent these first 3 days at the high.
Good earnings kept the market bullish and in the last hour a mineral deal was signed with Ukraine.
The bears have little left in the tank, Tariffs look like they are going to be solved in the near future and fear is decreasing. Promising news on Ukraine is turning the wall of worry into a wall of excitement.
This is not feeling like a bear market rally, this is looking like the next phase of a bull market.
The decline trendline from march can be flipped to bullish and we are climbing steadily on that new line, this recovery is V shaped.
I expect resistance in the 570-580 range.
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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.