Weekly chart for SP500 at important resistance level
We are at a very strong resistance level on the weekly chart. It's going to take a lot of money to break the resistance where are lot of people have sell orders to short the market for a pullback.
Hanging man candle on the weekly is not helping the bulls.
On the fundamental side every broker has been reporting a huge amount of retail customers opening accounts and going all in on stocks during the last 30 days to buy the sell off. Retail customers are wrong most of the time. The only precedent in history to the amount of retail investors going all in was in December 2017 when they submerged crypto exchanges with new sign up requests, 30 days later Bitcoin crashed and hasn't recovered since then.
The economy in every country is going very bad and the only "positive" thing is the FED printing no limit money.
In the past week, several European countries, including Italy, Spain, France, Belgium and Greece have banned short selling in various form, that means that hedge funds are waiting for the ban to be lifted to short those markets again. When that happen all the markets including the SP500 will tank again to new lows.
Hanging man candle on the weekly is not helping the bulls.
On the fundamental side every broker has been reporting a huge amount of retail customers opening accounts and going all in on stocks during the last 30 days to buy the sell off. Retail customers are wrong most of the time. The only precedent in history to the amount of retail investors going all in was in December 2017 when they submerged crypto exchanges with new sign up requests, 30 days later Bitcoin crashed and hasn't recovered since then.
The economy in every country is going very bad and the only "positive" thing is the FED printing no limit money.
In the past week, several European countries, including Italy, Spain, France, Belgium and Greece have banned short selling in various form, that means that hedge funds are waiting for the ban to be lifted to short those markets again. When that happen all the markets including the SP500 will tank again to new lows.
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