Looking at the day chart, we can see the bullish trend is still very strong. We are only about 5% away from the peak at 3356.90. SPX500 has recovered about 47% from the March bottom, having too many analysts guessing if it is a V , U or L shape recovery.
It does not matter so long as the trend continues going up and if it does, we continue buying.
Avoid complicating matters by reading into if Donald Trump is wearing masks, record breaking new Covid-19 cases or what the WHO officials' latest comments.
Unless you are into economics and familiar how it works precisely, trying to piece each news into the performance of the stock market can be a hair pulling exercise.
On the chart, we can see it is reaching the 3225 resistance level once more and it can either break out of it and revisit the 3391 level or break down as it has done previously on 24 Feb 20 (that would be bearish) and more recently 8 June 20 ( a slight correction).
So, if you have not adopted any new position for the week, be patient and see how the price action reacts at the 3225 level.
It does not matter so long as the trend continues going up and if it does, we continue buying.
Avoid complicating matters by reading into if Donald Trump is wearing masks, record breaking new Covid-19 cases or what the WHO officials' latest comments.
Unless you are into economics and familiar how it works precisely, trying to piece each news into the performance of the stock market can be a hair pulling exercise.
On the chart, we can see it is reaching the 3225 resistance level once more and it can either break out of it and revisit the 3391 level or break down as it has done previously on 24 Feb 20 (that would be bearish) and more recently 8 June 20 ( a slight correction).
So, if you have not adopted any new position for the week, be patient and see how the price action reacts at the 3225 level.
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.
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.