SPX - Buy the dips?
已更新
SPX is approaching a critical resistance @4100 (long term trendline / 200 day moving average) and a near term pullback is certainly possible from here.
However, looking at the bigger picture, any pullback this month could be an opportunity to long some stocks with the right technicals.
Yes, Fed is pivoting. However, interest rate could stay high for some time, the yield curve is inverted and the economy could be dipping into recession etc., etc., could we be in a major bull trap or could the market have already factored in these scenarios?
On the technical front, I am seeing more and more stocks that appear to be bottoming or have bottomed. The market could remain volatile for a while more but it is probably time to look for opportunities.
I will remain cautiously bullish as long as any dips in the near term do not go below 3900 (50% fib retracement of the recent AB upswing on daily chart).
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
However, looking at the bigger picture, any pullback this month could be an opportunity to long some stocks with the right technicals.
Yes, Fed is pivoting. However, interest rate could stay high for some time, the yield curve is inverted and the economy could be dipping into recession etc., etc., could we be in a major bull trap or could the market have already factored in these scenarios?
On the technical front, I am seeing more and more stocks that appear to be bottoming or have bottomed. The market could remain volatile for a while more but it is probably time to look for opportunities.
I will remain cautiously bullish as long as any dips in the near term do not go below 3900 (50% fib retracement of the recent AB upswing on daily chart).
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
註釋
SPX is now hanging precariously just above 3900.
Strong economic data means the going forward should be good, but could fuel more inflation which could put a damper. It's a Goldilock situation.
When we look at the 2 monthly chart, it becomes obvious that for the past 5.5 months (since July), the markets have gone nowhere but chopping around wildy and closing within a narrow range. It neither looks too bearish nor bullish , but certainly not a conducive environment for longer term trade (a short term trader's haven though).
With FOMC this Wednesday and quadruple twitching this Friday, expect that this week will pretty volatile week. Err on bearishness off should we have a close below 3900.
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