DJI unlikely to keep its upward momentum...expect new low at 17k
Credit Suisse says the US economy will shrink 33.5% next quarter, the biggest drop in history.
The US economy shed 701,000 jobs in March, sending the unemployment rate to its sharpest one-month rise since 1975.
The worst is yet to come after the initial shock triggered by COVID-19.
I expect a lower low at 17.000 for the DJI and that is if we are lucky and somehow the US and Europe manages to divert a full fledged financial crisis.
You may compare to 1929-1933 which maybe was a similiar shock for the system.
The US economy shed 701,000 jobs in March, sending the unemployment rate to its sharpest one-month rise since 1975.
The worst is yet to come after the initial shock triggered by COVID-19.
I expect a lower low at 17.000 for the DJI and that is if we are lucky and somehow the US and Europe manages to divert a full fledged financial crisis.
You may compare to 1929-1933 which maybe was a similiar shock for the system.