Editor’s Note: New Website Coming Soon! I’m happy to announce that we’re launching a new website for Money & Crisis in the coming days. The site will feature a completely new look and upgraded user interface that I think you’re going to like a lot. But it’s important to note that we’ll also be sending emails from a new domain. This can sometimes cause issues with email deliverability. To continue receiving Money & Crisis uninterrupted, just follow these simple whitelisting instructions. Slightly Choppy with a Chance of Breakout Dear Money & Crisis Reader, Stocks are up slightly this morning, most likely due to President Trump’s rapid recovery from COVID-19. Remember, futures first plunged on Thursday night / Friday morning when he announced he and the First Lady had tested positive for COVID-19. Despite all of the excitement, the market remains in a kind of “no man’s land” between resistance (the red line) and support (the green line). Until we break one of these lines with conviction, stocks are in a chop fest. Stepping back from the day to day, the S&P 500 looks to be forming an inverse Head and Shoulders pattern. If we break above that neckline, the upside target will be new all-time highs. By the look of things, we’ll know if this will be the case by the end of the week. The Driving Force Behind the Market’s Strength Why would this happen? |
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