The observers of the market for the last three decades have not seen anything similar to what the last week was like in the stock market and what is insane is the limit up and limit down happening in the same week. The limit down and limit up refers to the circuit breaker which is instituted by the SEC which pauses the trading when the percentage decrease or the increase is extending significantly beyond their range. The volatility had been attributed to Coronavirus and the public sector and private sector responses to them. In spite of the attempted rallies, everything had been closed out in this week by a significant margin.
Monday’s trading day begun with the carnage. As per the experts though the two major indicators which have been studied are the Dow Jones and S&P 500 although they do say that the Dow is not exactly the best indicator and the buyer demands are stronger than the seller supplies. The market is in the need of a close that is a multi-day one above the S&P levels of 2700 and is above the Dow levels of 24,000 before they can get into buying feel the experts. This is because the markets need to prove that the buyers are in control of the price where they thought that the supply had been bought up. The next support level was at the Dow level of 21,700 and S&P 500 level of 2,335. By Friday though, the markets had gone into a wild ride as they had registered some of the biggest crashes and the threat of Coronavirus had been looming large over the economy.