At this point, the retest of the crucial support zone looks imminent in the next 2-3 trading days. we can almost be sure of that.
We had a bounce today but the volume is relatively low and all the tech gains as expected exceeded their revenue and EPS expectations but failed to show any strong indication of sustained growth going forward.
FB, TWTR $ AAPL showed disappointing results (in terms of growth projection, not the EPS). This is going to weigh heavily on the market in the coming days.
At this point given the circumstances,(rising cases and lack of financial support) the probability of the bear case playing out is much likely. Bulls have to wait till after the election for Fed and the government to intervene.
Always note that technical analysis on its own is not of much use and as traders, we need to consider the market forces as well.
Feel free to comment your thoughts.
**Just an Opinion.
We had a bounce today but the volume is relatively low and all the tech gains as expected exceeded their revenue and EPS expectations but failed to show any strong indication of sustained growth going forward.
FB, TWTR $ AAPL showed disappointing results (in terms of growth projection, not the EPS). This is going to weigh heavily on the market in the coming days.
At this point given the circumstances,(rising cases and lack of financial support) the probability of the bear case playing out is much likely. Bulls have to wait till after the election for Fed and the government to intervene.
Always note that technical analysis on its own is not of much use and as traders, we need to consider the market forces as well.
Feel free to comment your thoughts.
**Just an Opinion.
Note
Make a note that 3200 level is a much-watched level for many traders and if we break below that I accept a big slide down due to stop-loss triggers.
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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.
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.