tl:dr puts on CMG!!Very Choppy waters
Bears think markets are heading for a correction right now. 20% unemployed, Great Depression, new lows, no vaccine, 10 yr, negative oil futures, vix, 2nd wave etc...
BUT What do the bulls have....... Unlimited QE. that treasury gets bigger and bigger. How are the keeping track of what trillion they are on!? I have a bearish bias for the year but a bullish bias for MAY.
I think the real shit show starts in the summer. Definitely will be a correction in the coming week(s) but, I think Bulls make their last push. They aren't going away that easy.
With a lot of the action happening after market/post market you can get ReKt. The market doesn't go down all at once. Watch the VIX .
There is really strong support forming around this 290-294 region. Because on both sides there are tremendous gaps 270 on the downside 314 on the upside. Bulls want to make a last push so they get those big upper gaps. They aren't going away that easily, I wouldn't be surprised if they pushed it up to 296. Whats important to note is that Upper trend line is not broken yet. So there is a high probability markets make another push up before a decline.
0 shows us hitting 296 getting the gap fill to 298. This would be crazy. Shorts would get squeezed. But hey "unlimited qe".
1 and 2 repersent relatively Bullish scenarios up until June 1 where the down trend line is broken. 2. shows a bearish head n shoulder. Indicates that in June it will go down 1. Shows a climb up to 300 before red vertical June 1 line. I think what will be important is Powell and the extent he goes to provide another round of "bailout/relief" to this economy. I am encouraged and I think Powell has the potential to surprise. I never thought purchase of High Yield would occur but it did. What next?
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3 and 4 repersent Bear Scenarios where a new lower trend line is formed. 3. Shows it finding support at the 2628. and a triangle that could break lower 4. Shows it finding support at 2455
*fundamentals are bearish" enough said
*You know this is just my opinion but, as an active trader I only post trades that I make.
Bears think markets are heading for a correction right now. 20% unemployed, Great Depression, new lows, no vaccine, 10 yr, negative oil futures, vix, 2nd wave etc...
BUT What do the bulls have....... Unlimited QE. that treasury gets bigger and bigger. How are the keeping track of what trillion they are on!? I have a bearish bias for the year but a bullish bias for MAY.
I think the real shit show starts in the summer. Definitely will be a correction in the coming week(s) but, I think Bulls make their last push. They aren't going away that easy.
With a lot of the action happening after market/post market you can get ReKt. The market doesn't go down all at once. Watch the VIX .
There is really strong support forming around this 290-294 region. Because on both sides there are tremendous gaps 270 on the downside 314 on the upside. Bulls want to make a last push so they get those big upper gaps. They aren't going away that easily, I wouldn't be surprised if they pushed it up to 296. Whats important to note is that Upper trend line is not broken yet. So there is a high probability markets make another push up before a decline.
0 shows us hitting 296 getting the gap fill to 298. This would be crazy. Shorts would get squeezed. But hey "unlimited qe".
1 and 2 repersent relatively Bullish scenarios up until June 1 where the down trend line is broken. 2. shows a bearish head n shoulder. Indicates that in June it will go down 1. Shows a climb up to 300 before red vertical June 1 line. I think what will be important is Powell and the extent he goes to provide another round of "bailout/relief" to this economy. I am encouraged and I think Powell has the potential to surprise. I never thought purchase of High Yield would occur but it did. What next?
\\\
3 and 4 repersent Bear Scenarios where a new lower trend line is formed. 3. Shows it finding support at the 2628. and a triangle that could break lower 4. Shows it finding support at 2455
*fundamentals are bearish" enough said
*You know this is just my opinion but, as an active trader I only post trades that I make.