On Daily chart that level appears to be key resistance and also major support area. I do feel that other indicators are looking at another retest of that level on Daily chart. Opening small trades to play swing moves is fine but I wouldn't agree with anyone who is opening major short positions until we see a confirmed and sustained move below that level.
If it bounces off of that support line then we will probably continue to range due to low summer-time volumes while we wait for Good news on vaccine or bad Earnings info.
I personally think the market has lost its mind and hasn't nearly enough priced in the future earnings losses. There is soooo much downside risk here that things "SHOULD" be going down but with unlimited QE from FED honestly who knows?
Just following basic Trend Analysis and looking for small smart profits when you can
If it bounces off of that support line then we will probably continue to range due to low summer-time volumes while we wait for Good news on vaccine or bad Earnings info.
I personally think the market has lost its mind and hasn't nearly enough priced in the future earnings losses. There is soooo much downside risk here that things "SHOULD" be going down but with unlimited QE from FED honestly who knows?
Just following basic Trend Analysis and looking for small smart profits when you can