Stock market at critical level support, expecting a bounce
Stock market has fallen to a critical support line where we should see some type of bounce from here. However, at the 4 times this has held at support over the last 10 years, there was never a pandemic to trigger an even bigger sell off. I expect a sell off below here will be shocking and violent if it is to occur soon.
Perhaps, we can hold on here and bounce back, but this pandemic seems to be getting worse and oil prices have tumbled (as I have predicted $25 oil on twitter back in October 2019). The underlying factors behind this sell off indicate to me that a major crash which is much worse than what we have seen this past 3 weeks will come. I expect this 10 year trend to break sometime over the next few months and we shall officially declare this a recession. The world has many underlying issues and seems that now they will be forced to be addressed.
Sure if you are long on the stock market this is the ideal time to get in and this could be an absolute low, but perhaps the bleeding is barely beginning, depends on your perspective. Tread carefully my friends. I expect a relief rally up to 28-3k range, then a violent sell off will occur again.
Perhaps, we can hold on here and bounce back, but this pandemic seems to be getting worse and oil prices have tumbled (as I have predicted $25 oil on twitter back in October 2019). The underlying factors behind this sell off indicate to me that a major crash which is much worse than what we have seen this past 3 weeks will come. I expect this 10 year trend to break sometime over the next few months and we shall officially declare this a recession. The world has many underlying issues and seems that now they will be forced to be addressed.
Sure if you are long on the stock market this is the ideal time to get in and this could be an absolute low, but perhaps the bleeding is barely beginning, depends on your perspective. Tread carefully my friends. I expect a relief rally up to 28-3k range, then a violent sell off will occur again.
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