I am very skeptical about this trade but the reaction from Jerome Powells speech has been a clear indication that the equity markets need more stimulus to keep the sinking ship afloat.
Fundamentals aside, we have had a clear breakdown of apple and are very close to confirming a downtrend. It is still holding its trendline from the march lows but I think that will break very soon. We have a sell signal on the 10/21 EMA cross, a bearish flag forming, weekly MACD crossover imminent, the dollar going up, the VIX going up, all spells disaster before the election. I think the equity markets are in for a lot of pain in the next month without more stimulus.
Waiting on confirmation before I short for a swing trade.
Fundamentals aside, we have had a clear breakdown of apple and are very close to confirming a downtrend. It is still holding its trendline from the march lows but I think that will break very soon. We have a sell signal on the 10/21 EMA cross, a bearish flag forming, weekly MACD crossover imminent, the dollar going up, the VIX going up, all spells disaster before the election. I think the equity markets are in for a lot of pain in the next month without more stimulus.
Waiting on confirmation before I short for a swing trade.