the second wave of selling began the other day and with todays scary unemployment numbers, the market is preparing for a depression. Bottom line- investors want cash, Not stocks. Technicals really dont matter when this happens. Everyone wants to preserve cash.
I expect any bounces to be sold off quickly. This was a scare event, and many people will realize that their time horizon and risk tolerance doesn't fit a 70%+ allocation to stocks. When it bounces, and people get back 1/3 or half of their losses from the high, I would expect a wave of selling. I don't see anyway the recent lows aren't at least re-tested. We'll be lucky if those lows hold the line. Then by mid summer maybe things normalize and the bull resumes?
S&P 2K before Memorial Day. Then depending on the virus spread and potential vaccines, either a slow recovery or S&P 1850-1500 in the Fall when the virus returns
Well in times like theis investors would turn to Fixed income - bad idea Consumer staples - bad idea Gold - is getting sold as well Real estate - bad idea as MBS almost default What is left then?
crypto? I kid, I kid....though it's doubled since its previous bottom already and seems to be taking the "keep printing" news rather well.