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Maybe will test the line below? Could be either a trend day or a range day.
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If you accept the reasons behind the April stock market collapse then it may be time for another similar collapse for the exact same reason. Actually its worse than the first time.
The administration blew all the chances to stop the spread of the pandemic and it is now worse than ever. We have in effect wasted the shutdowns of the last three months. Every other country did better.
We don't really have an integrated national health system, It is more of an insurance based financial instrument for making money. The health part is chaotic with no consensus, and we have massive amounts of wasteful admin.
Earnings season kicks of proper tomorrow with AA. BBBY reported two days ago and lost 25+ %.
My comments were dictated to me by homie the clown
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The very first test of EMA20 in a long time, watch for EMA short setup, I'm not sure but it's the bear's last chance here.
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SentimenTrader:
Midday yesterday: It's rare to see options traders price in *higher* volatility as stock prices rise [divergence]. The Nasdaq 100 is up more than 1%, and yet the VXN is up more than 8%... How rare is that? Never happened before today.
After the close yesterday: the Nasdaq 100 rallied more than 2% intraday to set an all-time high, then reversed to close down by more than 1%. It's done that twice. Yesterday was one. March 7, 2000 was the other.
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Consolidation, breakout is more likely. It could be an uptrend day but since it'd be within the yesterday's range so I'll treat it as a range day which mean buy dip only.
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