5/3/2020 Markets flat this week, and futures point to a fairly large gap down Monday. Looking like a neutral / slightly bearish week.

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Hi everyone. Below is the weekly chart of SPY. Since we dropped Thursday and Friday, I suspect we will have a bit of continued selling next week (at least on Monday and Tuesday).  As a result, I think we close neutral or down about 5%. If we move down, we will probably retest 270 rather quickly, and anything below that would mean a retest of the 250s (~10% lower from 270). 

Sentiment is still quite bearish so we could see continued buying until more people are bullish, but I still think it is more likely we move lower next week. Thanks for reading! 

SPY weekly 5_3_2020

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Published by bigfry

Hi, I’m Nathan. I majored in Finance and minored in Piano Performance at Boston University (graduated in 2020). Outside of trading/investing, I enjoy teaching and playing piano, teaching and playing Go, fishing, and watching anime. I also started my own Boba company while at BU, and am currently working on a company with my twin brother. I'm currently teaching Go full time, which has been the best job I could ever hope for.

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4 thoughts on “5/3/2020 Markets flat this week, and futures point to a fairly large gap down Monday. Looking like a neutral / slightly bearish week.”

  1. “Sentiment is still quite bearish so we could see continued buying until more people are bullish“ —> Should we view AICC sentiment indicator as a contrarian view? Because, I am bit confused with the quoted statement

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