S&P 500: A major breakout may be ahead!

The S&P 500 broke above the key 5,600 resistance level to close at 5,626.02 on Friday. Next week, the index may be retesting the trendline resistance ~ 5,643. The market is expecting a 25 basis point rate cut on Wednesday but some strategists have already raised their expectations for a 50 basis point cut. Pending the Fed's decisions, a breakout could send the S&P 500 higher to retest the trendline resistance at 5,732.

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!

Comments

Post a Comment

Popular posts from this blog

SP500: The market turns into a mess as Wall Street lost confidence in Trump's handling of the economy

Image
The S&P 500 took a 2.41% nose dive on Monday , sliding down over 3% intraday to retest the 600-day EMA at 5,111.49, after CNBC's survey showed that only 43% of Americans approved of Trump's handling of the economy . Investor confidence may also be hurt by the lack of progress on global trade, added CNBC. American companies such as Boeing [BA] , Tesla [TSLA], Apple [AAPL] and Nvidia [NVDA] appear to be the big losers in Trump's tr a de war , letting their foreign competitors gain an advantage in the global market. To make matters worse, Trump is now ramping up attack s on Fed Chair Powell and demands that the Fed lower rates. Wall Street analyst s warn about deeper selloff s of the financial markets if Trump fires Fed Chair Powell. The U.S. GDP Q1 forecast by the Atlanta Fed is -2.2% as of April 17. Keep an eye on the 2Y treasury yield, it just broke its 600-day EMA. In the past 25 years, all three US recessions occurred after the 2Y treasury yield drop...
Read more

TESLA INC. (NASDAQ:TSLA): Tesla stock's post election surge has completely evaporated after January sales in Europe plunged 45%

Image
  Tesla stock took a nose dive , down over 8% for the day and wiping out the post election surge, after Bloomberg reported that Tesla's January EV sales in Europe plunged 45% Y-O-Y . 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 . The stock broke below its 200-day EMA intraday and could be heading down to test the $288.39 level this week. Beware of the bearish "lower-lows" chart pattern as well as the emerging "head-and-shoulders" chart pattern!!!!! 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

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