The market closed down -11.49% for the week, making it the worst week since the financial crisis in 2008. I remember back then the market had massive swings and if the virus issue manages to cause panic and eventually a recession then we will see a lot more downside ahead. Prices ended up testing the upper band of long term support at 2822-2855 and should prices fail to hold this level then the next level to watch is 2728. At some point there will be a massive counter-rally I am sure but probably it is one that will be sold into if there are more cases of the virus, specially the ones where they don't know where it originated. I am hoping for a bear market as probably most of you are and this might be it finally.
Have a great weekend! Wash your hands, stay away from too many people!
Short Term Trend = Bearish
Medium Term Trend = Bullish trend being challenged
Long Term Trend = Bullish trend being challenged
* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking
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