I'm expecting continuation and consolidation this week despite the large existential threats facing our world.
COVID in particular has the highest odds of being a selloff catalyst as it becomes salient to American's that we're at the start of the second wave that will dwarf Wave 1 peak from July. We are also just getting two weeks beyond when this second wave began meanings deaths will start trending up this week as well and will be increasingly higher into election.
The market however is resilient, liquidity is strong and the irrational exuberance high.
So while the market could correct anytime this week, I don't think it will because of the technical setups at play.
As this sentiment swells (and eventually explodes) into next weekend we'll see a much stronger downward move in 1W time.
OG Idea Aug 18th:
![[SPX] New & Improved Treasure Map... Now w/ More SHAPES!](https://static.tradingview.com/static/images/svg/idea-image-placeholder.svg)
COVID in particular has the highest odds of being a selloff catalyst as it becomes salient to American's that we're at the start of the second wave that will dwarf Wave 1 peak from July. We are also just getting two weeks beyond when this second wave began meanings deaths will start trending up this week as well and will be increasingly higher into election.
The market however is resilient, liquidity is strong and the irrational exuberance high.
So while the market could correct anytime this week, I don't think it will because of the technical setups at play.
As this sentiment swells (and eventually explodes) into next weekend we'll see a much stronger downward move in 1W time.
OG Idea Aug 18th:
![[SPX] New & Improved Treasure Map... Now w/ More SHAPES!](https://s3.tradingview.com/z/zOWqEKJG_big.png)
Data analyst with a passion for best fit lines B)
