The DOW shows signs of wanting to recover:
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Dow Jones E-Mini (EYM-Spotv:CBOT): Daily Line Chart
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At first glance one might think a wave five up is in the making but take a look at the oscillator and this suggest one should be a little cautious.
There will be some up days – and even several which may well look like a new upward trend. Be wary.
Very wary.
There will be many who are playing both sides of the market and this is what causes volatility. And there are plenty of eco-political factors out there that will certainly keep the bulls well-hidden for a while.
The Aussie market is lost:
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S&P ASX All Ord's (XAO:ASX): Daily Line Chart
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We may not even see a rebound before the 5600 level is reached.
This is a level we saw back in 2015 and 2016.
So, somebody got themselves burnt buying in at these times:
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S&P ASX All Ord's (XAO:ASX): Weekly Line Chart
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Click to Enlarge
This is not an easy market to pick and also be wary about trying to pick the bottom. Some stocks my look cheap but they will get cheaper.
A great time for the trading pros but not for long term buy and hold investors
Enjoy the ride
Tom Scollon
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