Getting ready for market to reopen
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4:58 pm: Trump to roll out guidelines to open up parts of US where cases decline and testing ramps up
President Donald Trump is set to unveil broad new federal guidelines that lay out conditions for parts of the U.S. to start relaxing some of the strict social distancing measures imposed to combat the spread of the coronavirus pandemic.
The new guidance will identify the necessary circumstances for areas of the country to allow employees to start returning to work – but the decision will ultimately be made by state governors, two sources told CNBC.
States, which have imposed their own containment measures to try to slow the spread of the disease, are not legally required to follow the White House’s instructions. But the new guidance nevertheless ramps up pressure on governors to loosen their restrictions, even as health experts and business leaders alike warn that widespread testing systems are needed before Americans can safely start returning to their normal lives.
“You’re going to call your own shots,” Trump said on a call with dozens governors Thursday afternoon, NBC News reported, citing two people listening on the call.
Despite the president saying earlier this week that he believed some states may be able to “reopen” their economies before May, the White House guidelines do not offer any specific dates, a White House official told NBC. —Kayla Tausche, Kevin Breuninger
Source : CNBC
From the business owners perspective, this can be a lifeline for them between keeping the business afloat or going bankrupt. So, can this be a piece of good news for them ?
Retail sales figures was negative 8.7% vs the previous negative 0.4%. That shows despite the increase in sales on online channels, it is still not sufficient to stoke up the retail market. You can buy so much things online but people still like to have their coffee, meals at restaurant. They still want to travel, go sightseeing, do business, have parties ,etc.
It looks like many of the negative news have been priced in by the stock market and it defies all these negativity and continue to charge higher up. Now, we are seeing an ascending wedge and descending wedge pattern on the SPX500 and VIX charts.
SPX500 - around 2969 is the next level that it needs to break up while VIX we could see it lower to 35.45 before rebounding. Note that for both, the price action can very quickly break up and down before it reaches the end of the wedge.
For those who are late in buying SPX500, watch for the breakout first and see if it can sustained above the 2969 level. Trying to catch high price can be fatal as we are near a resistance level. Again, there is no need to fear that you have missed out.
Tonight, we will see GDP data released from China. As they are the first country to recover from Covid-19, this data might influence the other countries.
President Donald Trump is set to unveil broad new federal guidelines that lay out conditions for parts of the U.S. to start relaxing some of the strict social distancing measures imposed to combat the spread of the coronavirus pandemic.
The new guidance will identify the necessary circumstances for areas of the country to allow employees to start returning to work – but the decision will ultimately be made by state governors, two sources told CNBC.
States, which have imposed their own containment measures to try to slow the spread of the disease, are not legally required to follow the White House’s instructions. But the new guidance nevertheless ramps up pressure on governors to loosen their restrictions, even as health experts and business leaders alike warn that widespread testing systems are needed before Americans can safely start returning to their normal lives.
“You’re going to call your own shots,” Trump said on a call with dozens governors Thursday afternoon, NBC News reported, citing two people listening on the call.
Despite the president saying earlier this week that he believed some states may be able to “reopen” their economies before May, the White House guidelines do not offer any specific dates, a White House official told NBC. —Kayla Tausche, Kevin Breuninger
Source : CNBC
From the business owners perspective, this can be a lifeline for them between keeping the business afloat or going bankrupt. So, can this be a piece of good news for them ?
Retail sales figures was negative 8.7% vs the previous negative 0.4%. That shows despite the increase in sales on online channels, it is still not sufficient to stoke up the retail market. You can buy so much things online but people still like to have their coffee, meals at restaurant. They still want to travel, go sightseeing, do business, have parties ,etc.
It looks like many of the negative news have been priced in by the stock market and it defies all these negativity and continue to charge higher up. Now, we are seeing an ascending wedge and descending wedge pattern on the SPX500 and VIX charts.
SPX500 - around 2969 is the next level that it needs to break up while VIX we could see it lower to 35.45 before rebounding. Note that for both, the price action can very quickly break up and down before it reaches the end of the wedge.
For those who are late in buying SPX500, watch for the breakout first and see if it can sustained above the 2969 level. Trying to catch high price can be fatal as we are near a resistance level. Again, there is no need to fear that you have missed out.
Tonight, we will see GDP data released from China. As they are the first country to recover from Covid-19, this data might influence the other countries.
Nota
at time of writing, VIX is now at 36.98 and has broken out of the descending wedge and SPX500 is at 2824 as well.Nota
marketwatch.com/story/the-great-repression-is-here-and-it-will-make-past-downturns-look-tame-economist-says-2020-04-27?mod=home-pageIn the worst case scenario, it can go from 1800 to 2500 !
Nota
interesting. the last candle at VIX shows a possible trend reversal, i.e. heading up .That means, SPX500 should be coming down. Let's see.Nota
cnbc.com/2020/04/29/stock-surge-is-bear-market-rally-that-will-collapse-james-bianco-warns.htmlSPX500 along with other indices had one of the best run yesterday.
Nota
nicely touch the resistance and respect it , love it
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