Despite a plethora of problems, like worst and long global supply chain disruption, look at the verge of completion of a “Bull Trap” amid a downward voyage. This has been intact since February 24th, 2020.
This sudden bullish move seems to be facing stiff resistance at the current levels and is likely to extend a steep downward trend amid this result season. The sudden disruption in the global supply chain due to the increasing number of infected cases of COVID-19 may enhance pressure on profit margins in the U.S.
The current move looks like a last futile attempt by S&P 500 futures amid the prevalence of bearish fundamentals. There needs to be a real reason to propel the move upward; otherwise, we could see a steep fall before this weekly closing.
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