Dow low in place

Fear is a strong emotion. Uncertainty drives it. There is no simple solution forthcoming very soon to this corona thing. We will see spectacular rallies and declines but the longer term is weak because of this corona virus. Once we get a solution or the fear dissipates I expect a huge bull market. But I see no bottom yet.

 

Oh yeah...we're deep in correction territory now. Balls deep.

 

Yes Dow touched the holy 200sma weekly on lower volume, shell-shocked pension funds.

 

On the S&P, we stopped right at March 2019 / March 2019 support level within a dollar or two. Next level of support is 2600. Then major support at the Dec 2018 low. It's wild to think, but we could get there this week if things keep falling apart. If we break that, then I think we go to 2100...we're about half way there.

 

News led, wait till good news from Virus until then, doom and lower!

 

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True.
But Dow+ DIA never have had good volume;
SPY, UPRO have much better volume for the bear trends. QQQ looks better as far as buy volume...... but that happened above $200 also .
We'll have to see later if people want something/Dow full of BA, XOM, IBM,CVX; they are over weight , sorry to say, more than good tech like Dow stock MSFT...........................................................................................

 

And 6 hours later low has been broken. You see why I said you know shit

 

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OK;
i dont mind if it takes out the low in 6 hours . Its the 200dma, + up tics green last week close= OK also. But -7.77% close/close to eod.Most likely goes down more; not a prediction.
I like good investments, i dont see any in DOW, UDOW.
I"M not even real bullish tomorrow on QQQ; even though 1st close above or below QQQ 200 dma can be an exceptional buy....................................................................................

 

after 30 years of market watching, I am very wary of consensus beliefs.

normal market behavior requires that such a sharp fall, requires a sharp bounce at the very least.

I am very suspicious of sharp moves since they are the nature of all countertrend moves.

V shaped tops will likely result in V shaped bottoms.

edit see charts below

and big bars are more a characteristic of range behavior/countertrend price action than trend behavior.

this is all my chart read and it is only that.

I am not ashamed or repentant about it.

and I will not be ashamed if the market proves me wrong.

 

WEEKLY CHART OF DOW.
showing, what I believe are, all the previous similar market action to that which occurred recently.
forgive me if I do not not believe that this time is different.

I know that I am the worst trader in the world.....but ironically that is not because of my chart read