The market was able to bounce this week and regain its TA which positions the index to continue its rally towards ATH. I am not sure if prices will actually make it to new highs but at this point, it continues to look likely despite the fact we are in a recession and we have a once in a century pandemic. It will be interesting to see how all of this evolves in the next 12 months but my assumption continues to be a major, sudden sell-off in the not too distant future. If there is no reset in prices then it would mean the stock market is immune to the economy and that would be a total absurdity. I am sure the near zero interest rates and generous stimulus will help but at some point, reality must set in.
Short Term Trendd = Bullish
Medium Term Trend = Bullish
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* Trends are not trading signals. Trends are posted for situational awareness only and do 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 into consideration other factors
Medium Term Trend = Bullish
Long Term Trend = Bullish
* Trends are not trading signals. Trends are posted for situational awareness only and do 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 into consideration other factors
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