3800 Trendline Pierced! And Now We Fall! STONKS! In Trouble!
As in prior posts 3800 was a key resistance area that we were observing to see if it acted as support, which it did not.
Now 3800 will serve as resistance, which means we are in a free fall position to the 2009 Trend line.
With stimulus checks being curtailed, there will be less money in-flowing into "STONKS!" which will further add to the free fall.
Interest rates are also increasing which is adding head winds for any hopeful rally above 3800.
Let's see how far we drop in the coming weeks to gauge the velocity of the drop.
Now 3800 will serve as resistance, which means we are in a free fall position to the 2009 Trend line.
With stimulus checks being curtailed, there will be less money in-flowing into "STONKS!" which will further add to the free fall.
Interest rates are also increasing which is adding head winds for any hopeful rally above 3800.
Let's see how far we drop in the coming weeks to gauge the velocity of the drop.
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.