After a strong recovery from the lows, market buyers remain strong as threatening dips near the 2800 resistance have been erased, hinting at further aggressive accumulation from the buyers. This is despite unprecedented economic data releases that confirm a full economic fallout from the global pandemic. The tech-heavy Nasdaq has even recovered above the 200EMA. As such I maintain the view that the S&P 500 is poised for a further break to the upside.Asian markets also confirms a similar conviction from the buyers. Risk-on sentiment is probably back.
Comment:
Over the past few days, I observe that sentiment has changed. Buyers are struggling to hold it up above the 50EMA which is above 2800 pts. Recent price action suggests that people are offloading shares. Short term bearish.