Equity Guru’s Market Moment March.23rd/2020
As we begin this morning, we have received an amazing pledge by the US Federal Reserve. They have pledged unlimited asset purchases to support markets. This is from the monetary side, what is next will come from the fiscal side. Traders are awaiting for the US Congress to pass the relief program, a bill that was turned down yesterday before markets opened, prompting a sell off and market futures to halt (limit down) just as futures opened. Once we get the combination of both the monetary and the fiscal side, we should expect to see some sort of basing in markets.
Equity Guru’s Market Moment March.20th/2020
On February 21st 2020, I announced the break down of a pattern on the S&P...but was not expecting an almost 30% decline. We did actually play the downside on the pullbacks and confirmed lower high swings on the daily chart, as the market was clearly in a downtrend and we did not want to go against this.