Good morning everyone, and congrats to everyone who caught that monster move in DWTX! 95% in two days, just insane!!
We were looking at support on the S&P 500 at 5,675, and despite Friday’s massive rally, we still closed below that level. As previously mentioned, this indicates further downside pressure is to come. We could see a relief rally in the coming days but would not rule out additional selling pressure. Both the S&P 500 and the Dow closed below our support levels, but the Nasdaq closed above. This divergence indicates additional volatility as the markets are not in sync. Be prepared for some sharp moves and be quick to book profits, as they can be swiftly wiped out.
Check out this week’s trade ideas.