There is some interesting movements in the markets. The S&P and Dow seems to be moving lower, whereas the NASDAQ, after a quick selloff on the 10th of May, retraced. It’s about a 1000 points off its all time highs, and 500 points off its recent highs.
The major selloff in equities might not be immediate, as there is no significant weakness in the dollar (usually divergent). To be honest, the shadow of the pandemic has loomed over the whole market and the Yen especially has had odd movement. Not to mention the unusual rally of equities since its crash weeks ago. It has been obvious that tech stocks were the only stocks that has shown significant recovery (which I also find odd), but weakness in Apple, Google, Amazon, etc. might trigger a selloff.
My technical analysis indicates that there is continued downward pressure in equities, however, how the market has reacted in the past few months I would not be surprised if equities first test new highs. Especially considering higher highs on at resistance and higher lows on support.
Any comments, advice or discussion would be fantastic
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