Thursday's trading was interesting. US learned that 16MM jobs were lost in past 3 weeks. FED came in with another 1.5T bazooka. The futures opened gap up but the day session in $SPY closed with an uncertain doji candle and a NR7 pattern. #SPY found resistance at downward sloping 50 DMA. There are minor divergences in the Stochastics indicator and sine cycle is topping.
I expect short term market weakness though a tweet and FED action can roil the markets at any moment. We are witnessing a great fight between depression like job losses, economic devastation, and market forces on one hand and FED and Treasury actions on the other hand. Market manipulation is always present but this display by the bear and the buyer of last resort, the FED, is as raw as it gets and one for the ages.
I expect short term market weakness though a tweet and FED action can roil the markets at any moment. We are witnessing a great fight between depression like job losses, economic devastation, and market forces on one hand and FED and Treasury actions on the other hand. Market manipulation is always present but this display by the bear and the buyer of last resort, the FED, is as raw as it gets and one for the ages.