S&P 500 Still in Downtrend
The market touched the bottom of the down channel yesterday and turned around. From here the market will likely bounce, however, the gap above 4k was not closed so expect this to get filled after this countertrend bounce. The weaker the market, the more likely we will see 3600 area before this is over.
Short-term = Expect a countertrend bounce to around the 4400 area.
Medium-term = The trend is definitely down, look to short at key resistance levels.
Long-term = Some stocks are already on sale (DIS, COIN) to name a few. As the market drops, look to build long-term positions in stocks at a discount.
Short-term = Expect a countertrend bounce to around the 4400 area.
Medium-term = The trend is definitely down, look to short at key resistance levels.
Long-term = Some stocks are already on sale (DIS, COIN) to name a few. As the market drops, look to build long-term positions in stocks at a discount.
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