Just Calm Down!
Nowadays, everyone anywhere is talking about a recession. From the so-called professionals all the way to old ladies in Walmart are talking about how and when the next recession would come. I think the cause of the next recession will not be the same as the previous ones nevermind the fact that recessions, by nature, are sudden, unanticipated, and unpredictable. A couple of red days for the stocks is NOT called a recession. High unemployment, ever declining consumer spending, or a decrease in business productivity IS called a recession. And for now, all these parameters are looking good (at least yet), but that does not mean that the market will not go down...!
Over the past week, SPY tested the previous highs and was occasionally traded above the 3,000 level. A couple of bad news, such as the cancellation of further U.S-Chinese negotiations or the limitations on American investments in China, not only stopped the bullish market but also pushed the market lower and lower. These fluctuations have formed a rising wedge pattern. This pattern is bearish and the price usually breaks the lower boundary. In terms of the market's momentum, MACD has been indicating a decline in bullish momentum followed by an increase in the bearish momentum; MACD signaled sell on 24th. Important price levels are ~2,950, ~2,900, and ~2,830. I am anticipating that the market will push lower, but I just do not have enough evidence to come out and claim the exact date for the next recession.
For now, I do not hold any SPY. However, my long positions are slightly more than my shorts. I called a sharp decline in BABA; my clients and I are in more than 6% profit in less than a week. Check out that analysis here. If you got something out of my work, please consider liking, sharing, and following the page.
Cheers...!
Over the past week, SPY tested the previous highs and was occasionally traded above the 3,000 level. A couple of bad news, such as the cancellation of further U.S-Chinese negotiations or the limitations on American investments in China, not only stopped the bullish market but also pushed the market lower and lower. These fluctuations have formed a rising wedge pattern. This pattern is bearish and the price usually breaks the lower boundary. In terms of the market's momentum, MACD has been indicating a decline in bullish momentum followed by an increase in the bearish momentum; MACD signaled sell on 24th. Important price levels are ~2,950, ~2,900, and ~2,830. I am anticipating that the market will push lower, but I just do not have enough evidence to come out and claim the exact date for the next recession.
For now, I do not hold any SPY. However, my long positions are slightly more than my shorts. I called a sharp decline in BABA; my clients and I are in more than 6% profit in less than a week. Check out that analysis here. If you got something out of my work, please consider liking, sharing, and following the page.
Cheers...!
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