Watch S&P500 2800 for Downtrend Continuation
This is an update from the previous S&P500 analysis.
The market once again failed to stay over the critical 2900 lvl.
Quick selloff occurred and the short-term support line was broken earlier this morning.
A back test to 2840-2850 lvl is possible to further confirm the break out to the downside.
However, the psych lvl of 2800 seems like a solid ultra-short term support given the fact that the market has already declined by 5%+ in two days, without any "real" driven force to the downside.
The economic outlook is gloomy. The 30%+ bounce was driven by extremely optimistic expectations. A great number of stocks, especially techs, though suffered less impact, are already fully valued and the future PE of the market is at even higher levels comparing with pre-pandemic situations, which is just insane.
That said, without any hard news of corona resurgence or geopolitical unrest, I am not expecting a drastic move like what we saw in March in the near term.
Again, this is just my personal opinion and [lease put your own bet.
GL traders!
The market once again failed to stay over the critical 2900 lvl.
Quick selloff occurred and the short-term support line was broken earlier this morning.
A back test to 2840-2850 lvl is possible to further confirm the break out to the downside.
However, the psych lvl of 2800 seems like a solid ultra-short term support given the fact that the market has already declined by 5%+ in two days, without any "real" driven force to the downside.
The economic outlook is gloomy. The 30%+ bounce was driven by extremely optimistic expectations. A great number of stocks, especially techs, though suffered less impact, are already fully valued and the future PE of the market is at even higher levels comparing with pre-pandemic situations, which is just insane.
That said, without any hard news of corona resurgence or geopolitical unrest, I am not expecting a drastic move like what we saw in March in the near term.
Again, this is just my personal opinion and [lease put your own bet.
GL traders!
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