This week the fear of a global Coronavirus pandemic continued to stoke up market volatility as any and all companies related to travel (airlines, travel services, discretionary consumer spending, and oil companies) were heavily sold while buyers rushed into the safety of US treasuries, consumer staples, and non-cyclical plays.
Interestingly after a volatile week, the NA indices closed the week mostly where it began, however, the many eyes were on the VXX chart which closed up +30% for the week.
Friday was a particularly interesting day as the markets traded soft throughout the day only to see a wild final hour of trading that saw the indices rally ~+3% from the daily lows to close the day green.
So has the market found a bottom? Or is this week just consolidation before we see more selling?
In this week’s video, I discuss the possibility that we have found a bottom, what to look at for signs of continuation, and why you don’t need to predict where the markets are going to make money.
Now watch this week’s Weekly Outlook video to see the setups and levels we’ll be watching as well as the technical outlook for the VXX SPY QQQ IWM DIA EEM TSX TLT GLD MGC BTCUSD ETHUSD EEM and more for the week of Weekly Market Outlook For – March 9 – 13, 2020.
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