Most of the sideliners were thinking on Friday...31 Aug 2020 13:34
...that they could buy in sub 268 on Tuesday because of a media sh*t-storm over the weekend (which hasn't happened). That has invalidated most of their theses which will be causing some to stack orders for tomorrow's open. Sentiment isn't nearly as bad as it was the first time round so to expect a retracement to similar levels as then is quite naive and shows poor understanding of market psychology. If the news was different and there was a new angle I could understand you pricing in fresh panic and sentiment damage, but that hasn't materialised. Everything points towards a quick bounce on Tuesday and then steady climb back up to 320 by the EOW. Big players won't let this drop as they'll be eating up shares if we even sniff around 270 again (not a random number - based off Friday's price action and the steady accumulation from 210-270 last month). There may be a last ditch attempt from shorts at the open which could cause a little dip in the first 15 but honestly the buy orders will probably be outweighing the sells and this will ping back above Friday's close before the end of the day. Remember - earnings are fast approaching and there is nothing but good sentiment surrounding that. Many are banking on results being strong, so there is much less reason to sell and sideline at this point, hence, a drop below 270 really would be asking a lot.