Bearish divergence, Volume Drying up
The Technicals : Bearish divergence forming on the 4h along with Volume drying up and exhausted price action. Wicking off the top of the downtrend.
The Fundamentals : I believe the recent uptick in the market is only due to the relief package news injecting a small amount of return to normal feeling in people. This will be short lived as Cov-19 is nowhere near under control and is going to leave lasting effects. People are going out of work in numbers over double triple what this country has ever experienced. All it takes is a couple more weeks/months before people start defaulting on their loans and businesses start to bankrupt under the pressure.
The Fundamentals : I believe the recent uptick in the market is only due to the relief package news injecting a small amount of return to normal feeling in people. This will be short lived as Cov-19 is nowhere near under control and is going to leave lasting effects. People are going out of work in numbers over double triple what this country has ever experienced. All it takes is a couple more weeks/months before people start defaulting on their loans and businesses start to bankrupt under the pressure.
Commentaire:
AMD took an extra day but it finally reversed back down as predicted. Down to 45.47 at close on 3/31 and down to 44.08 in the after-hours on 3/31. I'll be watching the price action today to see if the bearish volume starts to pick up and this will affect my price targets.