Let's take a look at the indices after the extended weekend!
We see a break of a bull flag within a trading range. Strange, but powerful setup. Technically, everything seems fine and dandy then. However, there's an increasing notion of something being just WRONG. The economy is in turmoil and the full effect of the pandemic consequences is yet to hit us. FED is doing unprecedented things to suppress those effects and make the markets look like nothing happened. But will it be enough?
Anyways, as technical traders we should only trade what we see, not what we THINK should happen. Therefore, overall market is bullish with various resistances above (duh), the closest being 3045.
Keep an eye on the volume as well for a peak, marking the next possible turn.
If you are dominantly a swing trader, consider tightening your stops!
Tom | FINEIGHT
We see a break of a bull flag within a trading range. Strange, but powerful setup. Technically, everything seems fine and dandy then. However, there's an increasing notion of something being just WRONG. The economy is in turmoil and the full effect of the pandemic consequences is yet to hit us. FED is doing unprecedented things to suppress those effects and make the markets look like nothing happened. But will it be enough?
Anyways, as technical traders we should only trade what we see, not what we THINK should happen. Therefore, overall market is bullish with various resistances above (duh), the closest being 3045.
Keep an eye on the volume as well for a peak, marking the next possible turn.
If you are dominantly a swing trader, consider tightening your stops!
Tom | FINEIGHT