S&P 500: The index broke the March 2022 high at 4,637.30 (~4,640) after everything went well at the FOMC meeting

The index has been up for seven consecutive weeks and is now testing the trendline resistance of the ascending channel ~ 4,740. Everything went well at the FOMC meeting on Wednesday as further rate hiking appears to be off the table. The market is now pricing in at least three rate cuts in 2024. We would not be surprised if the S&P 500 makes a new all-time high (> 4,818.62) before the year-end, or early next year at the least.

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): Cathie Wood steps in as Tesla stock is free falling

Image
  Tesla dived over 4% and broke its 50-day EMA, as well as a key technical support at $182.33, on Thursday after the U.S. National Highway Traffic Safety Administration (NHTSA) announced that they began investing two incidents involving steering wheels coming off 2023 Model Y EVs, according to CNBC. The stock might have fallen even more without news that Cathie Wood's ARK Investment Management firm just bought another 70k shares of Tesla. Beware that the stock could continue to fall further after NHTSA now suspects that a Tesla Model S was using its automated driving system when it crashed into a firetruck in California last month, per ABC News. In the near-term, there are supports at $165.80 and a trendline line support at around $161. 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

S&P 500: The index may be heading down to retest the November 20 breakout at ~ 4,500

Image
  The S&P 500 was up for the fourth straight week and could pull back this week to retest the November 20 breakout at ~4,500 . The l ast time t he index was up five weeks in a row was in June this year when the Fed decided to leave rates unchanged, following 10 consecutive hikes since March 2022. 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): Price Cuts, Among Other Things, Put Pressures on Tesla's 4Q22 Gross Automotive Margin

Image
  Tesla stock gapped up 10.75 % at the opening on Thu , just above the key trendline resistance, despite that the company reported "beat and miss" 4Q22 results. The stock has gained bullish momentum since early Jan and may be heading higher to test $165.80. Beware that a dragonfly doji candlestick pattern has emerged, signaling a potential reversal in price. From the conference call, price cuts seem to be working as YTD orders came in at the highest level they have seen in company history. Tesla is now prioritizing sales over profits and demand seems not to be a problem at the moment. Nonetheless, one may want to keep an eye on the decline in the gross automotive profit margin, which sunk from 31% in 4Q21 to about 26% in 4Q22, the lowest in two years. Let's hope there will be no further price cuts in the near future as it might turn into an EV pricing war.... "How Tesla’s price cuts could spur an EV pricing war", per CNBC. This note   contained herein is not ...
Read more