In our Daily Trade Watch video, we look for high probability trade setups that we can trade throughout the day. Today, we take a close look at the further downward pressures on Global Indices. This is largely due to ongoing concerns regarding the coronavirus which can now, it is believed, spread undetected. In addition, today, we should have the World Health Organisation making a statement about the virus.
Looking at the S&P 500 chart from a technical perspective, a lot has been happening. On Friday, prices rolled over to the downside in the latter part of the trading day. When the markets opened on Sunday night, the S&P 500 moved lower and then extended further to the downside due to the bearish sentiment behind the virus.
Then we saw the very familiar dead cat bounce in Tuesday’s trading with significant consolidation going into FOMC last night. As a result, we started to see prices roll back over to the downside as we approached the close. If price breaks below yesterday’s low of 3267, then we would expect further continuation to the downside.
Further Downward Pressures on Global Indices – Full Video Analysis
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