A careful look at the charts below shows that most indexes are most likely working on re-testing the previous highs. That’s expected, and so far nothing really worth writing a blog post about. But what is interesting to observe is what looks like accumulation in safe havens treasuries and precious metal (although you may argue that GC and SI do not behave as such in 2020, and we would not disagree with you). As if the market was already thinking ahead, and making plans for post-double-top times.
See the charts for yourself. As the world is talking about the market’s spectacular rebound and Fed support, and all the novice Robinhood shops, this may be the time to stand a bit apart from the crowd, think a bit longer than a 5-min chart, and see the bigger picture that may be unfolding.
Whatever the next few weeks may bring, thinking in context must be one of the most important success factors of consistently profitable traders.
