The market opened down with tech leading however within an hour QQQ was green and SPY up over 2 points to 304ish. What a fascinating day as bulls continue to take control of price even with all the wall of worries. Initial unemployment claims was another 2 million to add to the total of over 40 million on unemployment benefits. Then there is the confrontation between Hong Kong and China and China with India. On top of all that the President is initiating a work of words on China trade and putting in a law to limit social media's liabilities on miss information. With all the bad news the market maintained a steady uptrend.
By the last hour of trading however stocks pulled back and the spy ended up closing in the red. In the after hours it continue to go down. It remains to be seen if tomorrow markets for the second day in a row open up in the red. The current close definitely looked poorly for prices and the Vix made an inverted hammer in its current down trend. Now is to see if the bears have enough power to pull prices down and create havoc.
What I plan to do?
Since the past two days tech stocks have been bought form red to green it seems there is still some strength left in the bulls. Whether or not this lasts remains to be seen and I will await to see if further weakness follows in QQQ. I intend to stay still as the current uptrend seems to have strength beyond what I had expected. There is potential for spy to get to 310. But its just a prediction, I tend to be wrong with these. What I do not want to do is be caught on the wrong side as both directions have intense moves.
Posted Using LeoFinance