The System is Still Risk-off

Hello everyone! Today i want to share some technical analysis with you!

System is still risk-off.

There is plenty of early bottom calling going on blog— for me, all rallies are considered as relief rallies, in a corrective move there will be plenty of them. Prior support levels are already acting as resistance. This is where I expect relief rallies will stall.

A bounce is in the cards sure, a bottom call— insufficient criteria to have any meaningful degree of confidence.

$S&P 500(.SPX)$ levels 6500, 6300 and 6147 remain active targets for this corrective move.

Risk-on barometers like $iShares Russell 2000 ETF(IWM)$ and $ARK Innovation ETF(ARKK)$ are breaking through key support levels.

Market breadth is negative, more stocks are making new lows vs new highs. Simple as that.

Momentum is pointing down and at the lowest levels in a year but a far cry from the depths of a momentum low.

Sentiment is finally depressed, active fund managers haven’t hit the panic button yet. It can get worse.

Blah blah blah “everyone is hedged”, “largest put buying”— noise noise noise. Trend, breadth and momentum all saying risk-off is the present environment.

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The System is Still Risk-off

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