May 27, 2020
World Market’s recovery looks old and feeble, TE#3.
The Euro Zone rally on Monday and Tuesday put this market into a resistance zone – aka at an extreme. While at the same time TEM sees the buying that put it there as poor or panic buying, TE#1. In other words the rally is not based on a rational basis and is not expected to hold. Reversal below its new support zones as shown in the data windows on the left would clear the signal from any noise by the media.
The German averages as measured by the MSC iShares is in the same set up as the EuroZone. In a cluster of resistance on panic buying. A context that should lead to a reversal in the short term.
Great and Many Thanks,
Jack F. Cahn, CMT
A Thinking Man’s Trader Since 1989,
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