SPDR S&P 500 (SPY)

[farooq]

I think it is buyers on strike. Algorithms keep selling if price doesn’t move above on hourly chart.
On top of it Corona virus is real dragg, in our area Temple, Masjid churches are canceling so absences of buyers has genuine reason. Schools are closing. Consumptions of oil and spending is going down.
On other hand government has not done anything concrete we don’t have even masks. Our medicine production is 90% out in China and India. I personally think if announcements come about having increasing mask production 10 times making emergency medicine in USA . Than our markets will recover faster than any imaginations.
Till than keep some powder dry.
Good luck and happy trading.