S&P Struggles At 200 Week MA! More Downside To Come!
Just as anticipated, we can see that the S&P is running into trouble at the weekly 200 MA. I've been absolutely disgusted by "analysts" and billionaire investors who've been on the financial market news outlets, saying things like "this is the biggest buying opportunity of our lifetime." In my opinion, this is NOT a buying opportunity. This is a technical bounce, that is bound to see a violent rejection. Bear market rallies are extremely dangerous, and this is clearly a bear market rally.
We can see that there is a perfect setup for the S&P to get rejected at the 200 week MA (which already appears to be happening) and that will form the right shoulder of a head and shoulders topping pattern in the market. I think the recession is just beginning, and (despite the recent rally) stocks are poised for a significant decline from the current levels.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
We can see that there is a perfect setup for the S&P to get rejected at the 200 week MA (which already appears to be happening) and that will form the right shoulder of a head and shoulders topping pattern in the market. I think the recession is just beginning, and (despite the recent rally) stocks are poised for a significant decline from the current levels.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-