Yeah the spy started with a very strong rally from the first of September. It did seem strange that that and the dax both fell at the same. Time and I am expecting some sort of correction as the last rise didn't look as it should - it seemed a bit too bullish.
And yes I expect bitcoin to have a delayed response by a fe whours, especially since btcs market is 24 hours.
Topic: S&P dax and bitcoin could be starting a correction (Read 70 times)
Look at the current price movement of the S&P 500, it seems that it already hit the current resistance and it is currently retracing on its current support at 3400 points. You are lucky because you able to do shorting an hour ago. Actually I have long positions there in S&P when I bought it last july 31 when the breakout occurs. My plan there is to trend follow it and my exit plan is whenever the price will close below 20 ma which is the color red moving average in the chart and it seems that I will going to sell it if there will be another red candle. But for me there is nothing to worry about because it is normal to see retest and retracement in stocks and indices. Remember that there is no indices and stocks that are going straight up because the price are moving inside a box or triangle like a waves. In terms of the gapping down of the zoom, for me it is normal because last day it gap up and went high as $476 if I'm not mistaken.
In terms of the price of the bitcoin, for me this is different because it shows weakness after the breakdown. But the good thing is there is a wick in the support that telling that it bounce in that area where a lot of buyers are willing to purchase in that area. If the price managed to hold then expect that the trend will be a sideways but if the price pierce through support again then it only indicating that the trend snaps where in the trend already turning into bearish market.
In terms of the price of the bitcoin, for me this is different because it shows weakness after the breakdown. But the good thing is there is a wick in the support that telling that it bounce in that area where a lot of buyers are willing to purchase in that area. If the price managed to hold then expect that the trend will be a sideways but if the price pierce through support again then it only indicating that the trend snaps where in the trend already turning into bearish market.
This could be overhyped from the people I follow on social media (and my 20x short I opened about an hour ago) but it looks like the S&p500 and the dax have started to move downwards. Whether thisll last or not is a different story but I've seen Facebook is down 6% zoom vc is down 13% etc. This looks like:
1. Government pumping has become more relaxed
2. People are going back into work so they can't surf twitter as much now
3. Potentially Facebook and other companies own an office they'll have to deal with even if staff are working from home. Companies still need an office but they might not need one as big anymore.
Plus a bunch of other reasons.
I thought btc would correct to about 10450 and then bounce back at the end of this continuation pattern but it's possible we could see a breakout in either direction still depending on where the funds go.
The dax and the S&P saw a full recovery. If the UK government wanted to make our stocks lucrative, now would be a good time to extend the furlough scheme for a month or something at the full rate.
The UK100 index didn't really recover, it's remained low throughout so now it might not have much further to fall.
(trade off nothing in this as normal this is just a random judgement I've made and markets are unpredictable in these times).
1. Government pumping has become more relaxed
2. People are going back into work so they can't surf twitter as much now
3. Potentially Facebook and other companies own an office they'll have to deal with even if staff are working from home. Companies still need an office but they might not need one as big anymore.
Plus a bunch of other reasons.
I thought btc would correct to about 10450 and then bounce back at the end of this continuation pattern but it's possible we could see a breakout in either direction still depending on where the funds go.
The dax and the S&P saw a full recovery. If the UK government wanted to make our stocks lucrative, now would be a good time to extend the furlough scheme for a month or something at the full rate.
The UK100 index didn't really recover, it's remained low throughout so now it might not have much further to fall.
(trade off nothing in this as normal this is just a random judgement I've made and markets are unpredictable in these times).
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