On support at 2087 (50d ema).
The rest of the market is already cracked: Russell2000, Nasdaq, Biotech, Apple, FB, DAX, Bund, Sensex, Nikkei...
My base case is for the correction to pursue to 2040 before a (global) rebound.
The surprise would be a resumption of the rally from here (possible as other indices are already oversold).
Whichever the path I think the current leg up will be capped at 2160.
ISM this afternoon: ISM has been trending down in the last few months and so was the expectations (52.1 expected).
Trading: I am running a short and may buy around mid May when everyone screams “Sell in May” on the cliff (2040).
Key strategic Pivot: 2040.
The rest of the market is already cracked: Russell2000, Nasdaq, Biotech, Apple, FB, DAX, Bund, Sensex, Nikkei...
My base case is for the correction to pursue to 2040 before a (global) rebound.
The surprise would be a resumption of the rally from here (possible as other indices are already oversold).
Whichever the path I think the current leg up will be capped at 2160.
ISM this afternoon: ISM has been trending down in the last few months and so was the expectations (52.1 expected).
Trading: I am running a short and may buy around mid May when everyone screams “Sell in May” on the cliff (2040).
Key strategic Pivot: 2040.
