Immediate Bullish Turn

Triggered by news of Moderna’s positive vaccine news release, markets appear to suddenly have hope and became extremely bullish, with the bearish bias literally disappearing almost immediately. A quick look here shows the new picture…

The S&P500 futures clocked the most bullish day of the month. It is now about to challenge the upper resistance of the range, with support of MACD turning up. Given the solid bullish candlestick, it appears that the resistance is likely to be broken and aiming for the secondary resistance level of 3100, over the next two to three weeks.

Quick check with our leading indicators show a huge gap up over and above the resistance lines. High yield bonds ETF, JNK, is clearly leading bullish, Russell2000 ETF, IWM, DJ Transports and Value Line cancelled the Sell signal,

This is probably not a time to be stubborn, Mr Market has said he is bullish, regardless of the reasons. The next two days should see a continuation, and with a new recent high, then aim for a turn in June.

==//== 
Do those around you a favor, if you found this blog/post useful, 
SHARE the link!
LEAVE a comment and JOIN in the Telegram group 
https://t.me/DrWealthHacker
==//==
NOTICE
FUTURES AND OPTIONS TRADING CARRIES SIGNIFICANT RISK AND YOU CAN LOSE SOME, ALL OR EVEN MORE THAN YOUR INVESTMENT.
STOCK TRADING INVOLVES HIGH RISKS AND YOU CAN LOSE A SIGNIFICANT AMOUNT OF MONEY.
THE INFORMATION CONTAINED HERE IS PURELY FOR INFORMATION AND WAS GATHERED FROM SOURCES DEEMED RELIABLE, HOWEVER, NO CLAIM IS MADE AS TO ITS ACCURACY OR CONTENT. THIS DOES NOT CONTAIN SPECIFIC RECOMMENDATIONS TO BUY OR SELL AT PARTICULAR PRICES OR TIMES, NOR SHOULD ANY OF THE EXAMPLES PRESENTED BE DEEMED AS SUCH. THERE IS A RISK OF LOSS IN TRADING FUTURES AND FUTURES OPTIONS AND STOCKS AND STOCKS OPTIONS AND YOU SHOULD CAREFULLY CONSIDER YOUR FINANCIAL POSITION BEFORE MAKING ANY TRADES. THE REFERENCE TO STATISTICAL PROBABILITIES DOES NOT PERTAIN TO PROFITABILITY, BUT RATHER TO THE DIRECTION OF THE MARKET. THE SIZE AND THE DURATION OF THE MARKETS MOVE, AS WELL AS ENTRY AND EXIT PRICES ULTIMATELY DETERMINES SUCCESS OR FAILURE IN A TRADE AND IS IN NO WAY REPRESENTED IN THESE STATISTICS. THIS IS NOT, NOR IS IT INTENDED TO BE, A COMPLETE STUDY OF CHART PATTERNS OR TECHNICAL ANALYSIS AND SHOULD NOT BE DEEMED AS SUCH.
CHARTS ARE FROM TRADINGVIEW

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s