Donald Trump maybe the most powerful man on earth right now because not only his words carry weight but also his actions were always louder than words and one thing I liked about him is he's very direct and straightforward without beating around the bush. So with the market coming down for the past 1-2 weeks, Trump had been trying to save the market while blaming the media for over exaggerating the Coronavirus situation. Last evening, he advocated for payroll tax relief and other measures to help businesses deal with the economic slowdown resulting from the Coronavirus epidemic which to me is a heroic act to contain the current meltdown.
So yesterday we locked in profits for the bank because as I mentioned in my previous post, the banks short term wise had touched a short term supply zone in the 5 minute chart. See the price now, it's trading 21.39/21.40 and see the precision of my analysis?
The overall market doesn't look like it's going to recovery first while also there were many lacked of quality signals at the moment. For the market to trend higher, I need to see more convincing signals before swinging the banks for a longer period and hence we decided to take profits. Although the bank moved a little higher today, still it simmered off and came down as you can see now. Today is a tough day for the market and most blue chips as the market touched a persistent sellers zone. For it to move higher, I think I need a flush first before I can decide if the banks can trend higher with sustainability. Subscribe to my Youtube channel on the link below for more video updates.
https://www.youtube.com/user/stockmarketmindgames
Ronald K -
Market Psychologist -
A Stock Market Opportunist
