Last Half Hour Market Review 3.11.2020
We are clearly living in historic times. The markets continue to fall as they appear to be pricing in a recession and Bear Market related to COVID 19. I am seeing unprecedentED impact on the population with schools closing, countries closing (Italy), cancellation of spring sports (Ivy Leagues), closing of colleges and now professional sports to be played without fans.
Today suggested that even with the massive market selloff, we may be underestimating the impact on the economy. I note this market sell off has occurred in face of 50 bps fed rate cut and injections of liquidity.
My indicators and charts suggest an oversold bounce is coming. Perhaps even tomorrow but until we get a handle on COVID 19 the markets are going to have trouble finding their footing.
Here is my take on the market from 3:30 this afternoon using HGSI and a few other tools.