S&P 500: A S&P 500 Bottom Could Be In If The Index Can Break Above Key Trendline Resistances at ~ 4,200

 


S&P 500 is testing two key trendline resistances at around 4,200 after Fed policymakers raised interest rates by a quarter-point on Wed, as expected. Investors shrugged off Fed Chair Powell's hawkish comments, insisting that more rate hikes are needed to keep inflation on a downward trend.

The market didn't like mega cap tech's disappointing earnings from Alphabet and Amazon, reported after Thursday's closing bell. Non-farm payrolls for January, which increased by 517k, could be another aberration, as it happened before in February (714k) and July (537k) last year. Monthly job creation continues to be on the downtrend.

A bullish chart pattern for the S&P 500 has emerged, despite the Fed's hawkish stance. Beware that the bears may try to take the S&P 500 back down to retest 4,000.

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

Comments

Post a Comment

Popular posts from this blog

TESLA INC. (NASDAQ:TSLA): Tesla stock took a deep dive after UBS lowered Q1 EV delivery and gross margin estimates

Image
  Tesla stock tumbled over 15% on Mon day after UBS lowered their Q1 EV delivery estimates from 437k to 367k. UBS now sees Tesla's gross margins shrinking to 10.3%, compared to 16.4%, during the same quarter a year ago.  The bearish "lower-lows" chart pattern resumes after the stock broke the shoulder of the "head-and-shoulders" chart pattern at the end of February , with the price target of $194.81 . Coincidentally, a 60% pullback from its high is $195.42. This note contained herein is our opinion and should not be construed as a recommendation to buy or sell. Click here to view the latest update !
Read more

WTIC Light Crude Oil: WTI crude prices tumble after Goldman Sachs slashes their price forecast

Image
WTI crude prices took a 4.35% dive to close at $ 67 . 12 a barrel on Monday after Goldman Sachs revised down its WTI crude price forecast for December from $89 a barrel to $81, citing increasing supply and slower demand, per CNBC. WTI crude prices could fall further to retest a trendline support at ~ $6 4.30 a barrel if U.S. and China economic data remains soft.  It remains to be seen whether the one million barrels a day oil production cut by Saudi Arabia, starting in July, will have any impact on crude oil prices at this level. This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!
Read more

TESLA INC. (NASDAQ:TSLA): UPDATE - Tesla stock's downtrend is still intact / Sell $TSLA/Buy $BYDDF

Image
  Tesla stock is under selling pressure after BYD announced on Tuesday that the company will offer its free automated driver assistance system (ADAS) in China on their 21 models. It looks like the smart money is moving out of $TSLA into BYD (OTCPK:BYDDF). BYD stock has already been up 46.27% YTD while $TSLA is down 16.44%. From a technical viewpoint, Tesla stock's downtrend is still intact with t he price target of $288.39 after a descending triangle chart pattern breakdown on February 5 . Keep an eye on the trendline support ~ $314. A breakdown could mean that Tesla stock's post election surge has completely evaporated. This note contained herein is our opinion and should not be construed as a recommendation to buy or sell. Click here to view the latest update !
Read more