Still looking at more of drop in the market until we get a reversal back to the bullish side.
reasons:
1. the real economic impacts that the coronavirus is having. i think the US and Canada will be fine overall but i think the virus is going o further shut down Europe and Asia until the summer.
2. wallstreet and media folks have been pushing for a recession and bear market for the last few years
3. markets were extremely overbought and at all time highs
4. looking for price to bottom and reverse around the 200 day MA which coincides with support zone 1 on my chart ($300-305)
5. if that level fails then I'm looking at the Aud-sept 2019 lows as support level 2 which is also the 100% retacement of the Aug-sept low to the all time highs.
wishing everyone good trades!!!! Its a war out there in those candlesticks!!!!
reasons:
1. the real economic impacts that the coronavirus is having. i think the US and Canada will be fine overall but i think the virus is going o further shut down Europe and Asia until the summer.
2. wallstreet and media folks have been pushing for a recession and bear market for the last few years
3. markets were extremely overbought and at all time highs
4. looking for price to bottom and reverse around the 200 day MA which coincides with support zone 1 on my chart ($300-305)
5. if that level fails then I'm looking at the Aud-sept 2019 lows as support level 2 which is also the 100% retacement of the Aug-sept low to the all time highs.
wishing everyone good trades!!!! Its a war out there in those candlesticks!!!!
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SPY levels
BrianPenrod
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