With coronavirus cases continuing to spike in the South and West, and some states re-imposing business restrictions, it’s fair to say the pandemic data this past week has been bad.
And markets reacted, but not by much. The Dow closed down -2.8% on Friday.
The big Reality Gap of this past week involved the new coronavirus data and the market’s reaction to it.
As some of the U.S.’s most populated states report record numbers of positive Covid-19 cases, several governors have been forced to revise their re-opening strategies and protocols.
But even with this alarming new data, the market isn’t dropping precipitously as you might expect. In today’s market update video, I’ll explain why that is, and what’s keeping a floor under this market.
I’ll also show you the narrow box that the market has been trading in for much of July, update the important support and resistance zones to watch for a breakout up or down, and talk about what could cause the market to do so.
View this page online: https://straightupprofits.com/2020/06/why-worsening-covid-19-data-isnt-tanking-the-market/
