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Is the Dow ready to reverse on Friday ??

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Posted (edited)

https://www.tradingview.com/chart/DJI/PCdl6KoL-DOW-SHORT-IDEA-ON-FRIDAY-ONWARDS-TO-ENTIRE-NEXT-MONTH/

As we all know Indices have been on a steady ascent for a long time now surrunded by tensions COVID, Riots and China .. S&P is trying to test the 3100 level and needs to close above it decisively with a green candle.. 

Question is will it punch through like a knife through butter or will the markets finally run out of steam and sell off ..above link is an interesting one and one which Im going to take on with a decent stop on friday when the non farm payroll figure is expected to trigger it 

The markets are long overdue a correction and Trump seems to be going from bad to worse with his dementia fuelled rants and threats on seemingly half the world.. 

UK is also another expected casualty.. the BOE has warned banks to be careful that a no brexit deal is likely to now happen.. given Sterlings currently high levels a pound crash would be inevitable ..also a worrying trend seems to be happening with some of the big Blue chips.. I use British Airways IAG as an example who are in the process of firing all staff and rehiring 65% of the workforce back on 60% salary .. they have already started this.. I expect to see a lot of companies doing this so combine this with a significant correction in the housing market here and little or no jobs and a lot of furkoughed workers finding their position has been terminated and UK assets are likely to take a nosedive.. thats before the second spike of Covid 

 

 

DOW.JPG

Edited by robertbowler
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I think your right a correction has to come soon the fundamental are awfull. Maybe take a short on financials as they should be the worst performers?

Good luck

 

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