The market staged a strong counter-rally on Friday but still lost -1.11% for the week. A lower low at 3209 was made and whether this low breaks this coming week will be critical for the uptrend that started in March. Looking at the charts, there could still be one more bullish leg left before another bear market comes, so this coming week will be important to watch for clues. By now, it seems the market simply refuses to acknowledge the effects of the coronavirus so I am not sure whether the coming spike in cases will do anything to the market. However, if Trump refuses to concede or makes things chaotic in November then it will be a good reason for the market to go into the next bear market. Looking at the man, my bet is he will not acknowledge losing. Just like he constantly refuses to acknowledge the polls and calls the Nov election rigged and unfair. Sounds like a nightmare slowly coming true.. just when you thought 2020 was already bad enough.
Short Term Trend = Bearish
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
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