S&P 500: The index retests the July 2023 high ~ 4,600

 


The bulls shrugged off Fed Chair Powell's comment about the timing of rate cuts on Friday and took the S&P 500 higher for the fifth straight week. The index is now retesting the July 2023 high / 4,600. The S&P 500 was up for the fifth straight week and could grind sideways along the trendlines until the FOMC meeting on Dec. 12 and 13. If everything goes well at the FOMC meeting, we expect the index to break above 4,600/4,640 before the year-end. Just a reminder, the last time the index was up six weeks in a row was in Nov. 2019 when the Fed was pursuing their interest rate cut strategy to stimulate U.S. economic growth.

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): A robotaxi war may be brewing in China

Image
Tesla cleared their first hurdles in China after the company received FSD approval from the Chinese government. Beware though, just days after Elon Musk confirmed Tesla's intent to unveil their robotaxi in August, one of China's largest ride-hailing companies, Didi Chuxing, announced a joint venture with Chinese EV maker GAC Aion to mass produce its own Level 4 robotaxi, per IOT World Today. Didi acquired Uber China in 2016 and has more than 80 million active users in China. The downtrend of Tesla stock remains intact. TSLA needs to break above the key resistance level at $182.33 soon, or else the stock could pull back to below its 50-day EMA. 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

BITCOIN (BTC/USD): Bitcoin stuck under trendline resistances at ~ 69k or the Nov'21 high

Image
Bitcoin is stuck under trendline resistances at ~ 69k, or the Nov'21 high. June's macro conditions could provide the next catalyst for bitcoin to make a breakout, per CoinDesk. Be aware, though, that a rejection from the trendline resistances could send bitcoin back down to retest the trendline support ~ 65k. 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