Dear friends and new viewers,
So far it seems that the Dow Jones is experiencing some resistance on its current price pullback. IF we break through the 50-day MVA and break through this key level of resistance we could see a return in an upward trend.
Even though it may seem tempting to enter a long here I would recommend a short instead since I am still bearish on the overall market. This could end up being a bull trap and could lead to a bearish outcome.
With the REX not showing a buy signal and since we are below the 50-day MVA as well as Jerome Powell still hiking interest rates, I believe this will be a bearish outcome.
Trade with caution,
~MC
www.forbes.com/...ill-that-be-it/?sh=4cc636d... (FED rate hike for March, the meeting occurred and rates did get hiked.)
So far it seems that the Dow Jones is experiencing some resistance on its current price pullback. IF we break through the 50-day MVA and break through this key level of resistance we could see a return in an upward trend.
Even though it may seem tempting to enter a long here I would recommend a short instead since I am still bearish on the overall market. This could end up being a bull trap and could lead to a bearish outcome.
With the REX not showing a buy signal and since we are below the 50-day MVA as well as Jerome Powell still hiking interest rates, I believe this will be a bearish outcome.
Trade with caution,
~MC
www.forbes.com/...ill-that-be-it/?sh=4cc636d... (FED rate hike for March, the meeting occurred and rates did get hiked.)