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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 670.92

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Nov 7 4:00 PM EST

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To: Johnny Canuck who wrote (52950)	6/4/2020 3:30:18 AM
From: Johnny Canuck	Read Replies (1) of 67759

The next few days is going to important. The confirmation of a new high on the COMPQ will be a support level under that index and potential confirm the success of the Fed's policy. A break gets the markets back to the what is a more normal trading pattern. Normally I would have expected a second sell off to ring out the excess of the current counter rally over the next weeks and months which is not based on the fundamentals which is still unknown. Traders may thrown in the towel and jump on board the rally and give into the saying of not fighting the Fed if the indices can get through resistance levels. Move your stop losses up toe locking gains and preserve capital. Strange times make sure to manage your risk.

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