Flows dominating but technicals compelling
Today was the third test of that line and it’s held so far. We’re getting slightly better news from Europe but the US is clearly deteriorating on the coronavirus front.
To compound the 38.2% level as a key barrier, the hourly chart shows a rough inverted head-and-shoulders pattern.
I think the trade will be to go with a break if it comes, as tough as it is to fight against rising virus numbers.