While the virus narrative turned more negative at the end of last week, fear did not spike and the Wave 2 sideways trend continued.
There is one ritical day which could easily nudge Wave 2 into Wave 3 down. Wave 3 trends are the longest and deepest of the 5 waves in a market cycle.
Uncertainty surrounding the economy will be compounded by increased levels in new and continued jobless claims reported on Thursday. This will be the case as more businesses have now thrown in the towel due to the dead cat bounce in economic demand. Again, this will be a reality check for the markets as the true economic fallout gathers steam.