In my last post, I said it'd be important for Bulls to close the week over that 6775 pivot...and they did. You saw the reaction, a quick $300 spike. Now can they hold it? Is demand really there?
It's important to note, we're coming into the 50% retracement level of the 10k+ to 3.8k dump...If you're in profits on a long, it's a good time to take a little bit off, or tighten stops in profit, something. This thing can turn on us in a second.
If bulls manage to hold, I look to 7.6k next target. 8-8.5k would be a dream short IMO. Time will tell.
We're still in a Global Shutdown folks. We don't know when/how this thing will play out. If demand stays low, we'll enter a Depression (yes I believe we see HyperInflation, at some point, but that requires Money Velocity be high, which requires organic demand, etc etc), and during a Depression, asset prices PLUMMET, because everyone wants CASH. So just be careful. I'm seeing a LOT of people rush into longs recently.....You know how that can play out...
Bulls, want to hold 6990 now. Target areas mentioned above.
Bears, want to get this thing back below that 6775 Weekly Pivot. If they manage that, I'd be looking for 5.8k to start.
As always, practice solid risk management, good luck, have fun!
It's important to note, we're coming into the 50% retracement level of the 10k+ to 3.8k dump...If you're in profits on a long, it's a good time to take a little bit off, or tighten stops in profit, something. This thing can turn on us in a second.
If bulls manage to hold, I look to 7.6k next target. 8-8.5k would be a dream short IMO. Time will tell.
We're still in a Global Shutdown folks. We don't know when/how this thing will play out. If demand stays low, we'll enter a Depression (yes I believe we see HyperInflation, at some point, but that requires Money Velocity be high, which requires organic demand, etc etc), and during a Depression, asset prices PLUMMET, because everyone wants CASH. So just be careful. I'm seeing a LOT of people rush into longs recently.....You know how that can play out...
Bulls, want to hold 6990 now. Target areas mentioned above.
Bears, want to get this thing back below that 6775 Weekly Pivot. If they manage that, I'd be looking for 5.8k to start.
As always, practice solid risk management, good luck, have fun!
