Yes, I know this is a day trading thread, however, sometimes you need to take a step back and look at the market with a wide angle lens. The American markets are scrambling to find a bottom and propping it every time it looks like a fall. The 6 month chart below shows a steady climb in futures until the pandemic set in. Note the smooth climb in futures until mid February? (circled for clarity).
This is what a good economic climate looks like.
The below chart shows last nights alone. The session is crazy showing up-to 5% swings.
This is not the chart of a rational market, and not one of certain economic outcomes.
The amount of times the chart ducked above and below the 200EMA (blue) is absolutely astounding.
Some articles about this morning stating the markets have another 30% fall. (admitting the headlines are likely alarmist for the sake of it). I am still sticking with my long term plan of hedging against the American market. There may be slight gains from day to day, but overall I still believe they are in a world of trouble.
And finally, the above is the 5 year chart. Futures are are still trading higher than 2016.
If you think the economy is trading better than 2016, then good luck is all I have to say.
