Last night, Russia began its full-scale invasion of Ukraine, tanking the markets overnight and into the morning.
There’s a clear narrative for why this collapse happened, but there may be hope on the horizon for the markets.
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Well, last night, the inevitable became reality, and Russia began a full-scale invasion of Ukraine.
I’m not here to talk about the political or even moral implications of this. You can draw your own conclusions, and there are better experts than me on those topics.
But we should talk about the market, which unsurprisingly tanked this morning.
That’s the bad news.
So where’s the good news?
You know that I’m a technical trader. Which means I care more about the charts and the Fibonacci patterns than I do about the headlines.
There’s no denying that the news of war spurred this particular crash this morning.
But, in my opinion, that selloff fulfilled a chart pattern that was already likely to take place, anyway.
That green circle on the chart above? That’s a target we talked about in my Tuesday free webinar, a class I host every week. That was well before we knew Russia would invade.
I even pulled this chart yesterday and showed it to Stephen, a member of my team.
When he asked me what it meant, I told him (in slightly colorful language):
Just because we have a new fundamental (meaning news) catalyst affecting the market, that doesn’t change these underlying levels of support and resistance.
I believe we are bottoming this morning. We might even be done as I write this.
You can see the green candles that signal the start of a move back higher.
That doesn’t fix the situation in Ukraine, and there will obviously be further consequences for particular commodities (i.e. oil) and companies, but the overall market could go higher from here.
Hope you’re safe out there,
P.S.: If you want to hear more of my thoughts on this situation and how it affects the markets, I’ll be joining Rob Booker in a special live session around 12:00 PM (Noon) ET today. I’ll send an email for you to join us then.
Jeffry Turnmire and InvestPub do not provide investment advice. Trading involves a substantial risk of loss and is not suitable for all investors. Many traders fail and you should not trade with money you cannot afford to lose. If you need personal financial advice, consult a financial advisor.
Daily Profit Publishing and Jeffry Turnmire do not provide investment advice. Trading involves a substantial risk of loss and is not suitable for all investors. Many traders fail and you should not trade with money you cannot afford to lose. If you need personal financial advice, consult a financial advisor.
We are not licensed to provide you personalized investment advice. Nothing in these communications should be construed as personal investment or financial advice.
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