Dow Jones $DJI ...And we are ON THE LOWS
Well folks we are on the lows to start the week, down a quick 400+ points to start the morning trade off and climbing lower. I saw the outlook for this week was very bearish in a recent post and you can see that this morning. I find it very hard to believe that this action stops here considering markets do not usually bottom (intermediate) on Fridays or Mondays, however I suppose anything is possible.
My bet is that this 23500 and early 2018 lows will be tested in the coming days where the market and buyers will attempt to make a stand.
This will be a good spot for a "bounce opportunity possibly" depending on the buyers reaction and if there is any panic. Regardless, the outlook stays the same and we are bearish below the 200 day moving average usually signifying the market is in a downtrend. I am 100% cash and may look to play this bounce, however timing a bounce (or falling knife) sometimes is not even worth it considering you know the lows aren't in.
I have a feeling this is only just getting started in the big scheme of things.
Published by Hey I'm Snuffles
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Risky for trading, I think I'll stick to the safety and stability of crypto! 😂