The trendline from the COVID low of last year to the lowest pullbacks after was breached. We of course use the swing out method and re-establish the trend when it finds a bottom this time, the next support line is about 3680 from January, there was a lot of volume at that range. If we punch trough that, 3600 could be the next stop. This is a strong selloff today. We likely have more negative news for jobs tomorrow. The only thing that makes this hold is perhaps a stimulus plan, but this package is large and it doesnt help anyone that I know so that could be met with mixed results.
I'm putting Neutral on this but looking for short possibilities still
I'm putting Neutral on this but looking for short possibilities still