It's my view that SPX will have a short-term pullback as the US announces the 5th day in a row of 1,000+ Daily COVID deaths .
Sunday COVID infections were near the all time highs of 126,000 (3rd day in a row).
So far the market has completely ignored the lockdowns occurring in Europe and the stunning rate of infections due to the election last week.
Expect the market to finally wake up this week and start to price the risk of the economic impact of COVID infections while there is still no approved vaccine.
The catalyst driving SPX lower will be newly announced lockdowns across Europe and potential lockdowns in the US. Also, the SPX was up big last week and needs a week to cool off after the big run up and double top bearish signal.
Sunday COVID infections were near the all time highs of 126,000 (3rd day in a row).
So far the market has completely ignored the lockdowns occurring in Europe and the stunning rate of infections due to the election last week.
Expect the market to finally wake up this week and start to price the risk of the economic impact of COVID infections while there is still no approved vaccine.
The catalyst driving SPX lower will be newly announced lockdowns across Europe and potential lockdowns in the US. Also, the SPX was up big last week and needs a week to cool off after the big run up and double top bearish signal.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.