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02/20 US Markets Update

A Lookback

Looking back at the SP500 chart posted a week ago reveals that our thinking was right (the below chart). - the link to the idea posted on Feb 13.

The same goes for Nasdaq where we were pretty close in telling what price action could be expected.

We did not post Ad-hoc Updates last week on US stocks because there was not any change to what we shared in our weekly update.

Next Week

This week we do a minor update highlighting that the local bottom can be near.

Despite the turmoil in the markets, we believe, next week we can see a bounce in US stocks. This is not a trading idea as it goes against the trend and there is no tradable pattern formed yet (at least within my skillset).

Can the markets continue to go lower? Yes, the SP500 chart does indicate some further downside before the local bottom starts taking shape.

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