It has not reversed yet. Asia and Euro may yet have something to say about the spreading of this pandemic, because if you recall, they were closed on Friday before the new US cases were confirmed.
Well, my answer would be cause everyone’s doing it. But as I suggested in a prior post perhaps there’s more structure there. I will look at the weekly option pricing - I would surmise they are pricing in approximately a 50 point move this week (in either direction of course).
In my view the current low came in at 3253 because it was resistance a bunch of times between end of December and early January. Look at your 4 hour, its obviously a significant level.
It will reverse and move up strong pre-market and will open slightly up or slightly down. Major gap downs are usually a result of macro economic news like failed trade negotiations.
https://www.marketwatch.com/story/h...eaks-as-chinas-coronavirus-spreads-2020-01-22 This will be a buying opportunity. SURVIVE. SURVIVE. and you will propser.
These position is likely red tomorrow because dips will be bought up faster than you think. We know the Fed will pump hard. Don't be naive thinking market can come down....
It could be. The job is to survive. I've already got my plan set both ways (long and short). It's the first time I felt alive trading the markets recently.