Has the Recovery of Dow Jones Stopped?
Apart from the smash-down movement upon the first spike in the COVID cases in the US, there hasn't been any major movement.
However, we can see that the market is becoming more cautious about buying the stock market amid a continuous rise in the number of COVID cases globally and especially in the US which has recently broken all-time high.
Technically, since the price resubmerges below the 200-MA, there's been multiple rejections to prevent the price from resurfacing.
The market became more decisively bearish in the last 3 trading days and we are seeing a probable break-below of its rising channel.
The market has been insanely recovering amid the economic slowdown and purely supported by an unprecedented injection of money by the government.
Naturally, this can't go on forever and even if it's able to extend it's recovery further, there's got to be a point where the market corrects itself heavily.
To pick a side, we pick the side where the stock market will undergo a mini-crash towards the 23000 region.
As for the most recent new COVID cases in the US, it has just reached a all-time high of 44.7k, which is 24.5% more than 24th April peak.
However, we can see that the market is becoming more cautious about buying the stock market amid a continuous rise in the number of COVID cases globally and especially in the US which has recently broken all-time high.
Technically, since the price resubmerges below the 200-MA, there's been multiple rejections to prevent the price from resurfacing.
The market became more decisively bearish in the last 3 trading days and we are seeing a probable break-below of its rising channel.
The market has been insanely recovering amid the economic slowdown and purely supported by an unprecedented injection of money by the government.
Naturally, this can't go on forever and even if it's able to extend it's recovery further, there's got to be a point where the market corrects itself heavily.
To pick a side, we pick the side where the stock market will undergo a mini-crash towards the 23000 region.
As for the most recent new COVID cases in the US, it has just reached a all-time high of 44.7k, which is 24.5% more than 24th April peak.
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