Thursday‘s unilateral ceasefire into the close annoncement causing S&P 500 to rip, and how much time it bought? That announcement level was broken even before European session, and it was downhill pretty much since. Tech though maintained stronger posture than S&P 500 during the first two hours of the regular session before catching up more to the downside – what‘s clear is that verbal interventions are buying less of a spike and less durable one as well the longer this conflict goes on.
What‘s clear is that there is no deescalation, Iran is hitting back hard, Yemen joined on the weekend, and Rubio‘s assuring us about no ground invasion in the troops build-up that Iwas describing for clients the prior weekend (82nd Airborne and more) – it‘s been a great week divided between S&P 500, Nasdaq and gold intraday while my bias had been and still is (in equities – along the lines of „downtrend is in place, will be punctured by rallies, and several setups allowing for such a bounce have thus far come to naught – one-way selling that‘s orderly, without capitulation or excessive volume, selling with hourly red candles and meek stabilization attempts floundering, these make it hard for intraday traders from risk-reward ratio perspective when there‘s no prior bounce to driven down the risk side of the equation while the reward side isn‘t in doubt, only the time to reach support levels is, and Thursday-Friday, this has been truly one-sided market with stabilization confined to gold and silver as oil keeps calling the bluff“.
Source: https://www.fxstreet.com/news/can-this-be-close-to-the-bottom-202603292156
