For the last several days the market remains in indecision state. The daily 20 MA was tested several times. The buyers continue to defend it. The larger timeframe bullish bias prevails. The short term bias is neutral. That invites both side to trade while creating momentum trades off inflection points with the help of headlines. Fake outs are quite common when the market is in consolidation phase.
The next week is a holiday week. It is expected even less participation and contracted volatility. However, it could change quickly if a headline triggers a turmoil. Best is to watch the inflection points and understand what should cause either a waterfall selloff or a melt up. 8230 level is important - a decisive break and hold below would be a sell signal. A break of the recent balance would set a new all time high.
Last year this time the market was in a sell off mode. I think the Fed does everything in their power to prevent it. They don't need any volatility. Consider that as a backdrop. A short term weakness would be addressed with powerful V-reversals.
11/23/2019
The next week is a holiday week. It is expected even less participation and contracted volatility. However, it could change quickly if a headline triggers a turmoil. Best is to watch the inflection points and understand what should cause either a waterfall selloff or a melt up. 8230 level is important - a decisive break and hold below would be a sell signal. A break of the recent balance would set a new all time high.
Last year this time the market was in a sell off mode. I think the Fed does everything in their power to prevent it. They don't need any volatility. Consider that as a backdrop. A short term weakness would be addressed with powerful V-reversals.
11/23/2019
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