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Waiting for the stark reality of economy to be exposed!

Op-ed: The charts show global stocks could retest their March lows later this year
https://www.cnbc.com/2020/06/02/op-ed-the-charts-show-global-stocks-could-retest-their-march-lows.html

Key points:

From a technical analysis perspective, global stock indexes in March wiped out critical long-term support factors pertaining to the entire multiyear rallies since the conclusion of the global financial crisis bear markets, that have driven many stock indexes to all-time highs.
From our technical perspective, although the short-term outlook into June remains for further upside, we do not see most of the major benchmarks challenging the current 2020 cycle highs.
Given that markets remain contained below the peaks from the first quarter of 2020 at the end of the second quarter and taking into consideration the above-mentioned damage inflicted to the long-term charts, the threat in the next two quarters is for a roll back down lower into the very wide ranges established by the first-quarter sell-offs.
From a macroeconomic perspective, a more negative outlook could be driven by the lifting of lockdowns allowing for the removal of fiscal accommodation by governments, which could expose the stark reality of a post-pandemic global economy, damaged by the measures taken during global lockdowns.
Furthermore, there is also the risk of a second wave of coronavirus cases and deaths as lockdowns are eased, potentially seeing lockdown measures reinstated. Finally, the growing resumption of tensions between China the U.S. (as well as other nations), could lead to a renewal of the 2019 trade war.
With most commentators agreeing that the economic recovery is likely to be U-shaped at best or even L-shaped at worst, the likelihood of a V-shaped recovery by the global economy seems unlikely, which is likely going to be needed to continue the aggressive V-shaped rebound in stock indexes.
In summary then, although the short/intermediate-term outlook remains for renewed upside for the major global stock averages into June, we do not see a resumption of intermediate or longer-term bull trends. Rather, markets could likely be contained within the broader ranges defined by the first-quarter 2020 bear markets, or possibly even into the second half of 2020 to retest the March 2020 bear move lows.