Yes probability is higher for continuation of downtrend. But I have seen a stat mentioning 62% of retail on a US trading platform are shorting the market so it might be time for insto's to catch them all out & create a big short squeeze.
Market here not liking rising bond yields.
https://au.investing.com/rates-bonds/australia-2-year-bond-yieldAustralia 2-Year Bond Yield
- Prev. Close:2.785
- Day's Range:2.818-2.848
The 2 year bond chart appears to be forming right hand shoulder peak at 2.95%. Peak is 3.484% - 2.631% neckline = 0.853%. 2.631% neckline - 0.853% = 1.778% target same as March.
https://au.investing.com/rates-bonds/australia-10-year-bond-yieldAustralia 10-Year Bond Yield
- Prev. Close:3.503
- Day's Range:3.554-3.595
The 10 year bond chart is also forming the right hand shoulder peak at 3.608%. Peak is at 4.186% - 3.383% neckline RHS = 0.803%. 3.383% neckline - 0.803% = 2.58% target same as March 2022.
In March that ASX XTX was as high as 2,580 / 2,010 now = +28.35%.
Nasdaq has broken through upper downwards channel. If it can get through 50 DMA & overcome June highs the next resistance is February lows. It could breakdown based on macro & fundamentals in leau of technicals.
Apparently oil could be headed for $60 once it breaks below $96 which fits with fundamentals of recession.
US GDP was negative Q1 & forecast to be negative Q2. My hairdresser today mentioned we are in a recession too, that meals at the local were same price but smaller sized servings & that many businesses have closed. But the Macca's drive thru is always full so I don't know.
(20min delay)