Ouch! Did I hit something? 😵
[Warning] It must be the S&P500 resistance level of ~4188. Pardon my line drawing skills, if it's not accurate, but you get the idea. It's somewhere around that ballpark number.
Yesterday's S&P500 close of 4118 was below that early June resistance level and 100 day moving average (MA100) of 4121.
I'm anticipating a pullback due to this resistance level. The rally might be overextended, and hence not sustainable in the next couple of days. As such, this might be a good time to sell some covered calls to generate income.
For any retracement, 50 day moving average (MA50) level of 3925 looks like a great support level. If it goes down to this level, I'm going to double check the stocks on my watchlist for a similar pattern and average in.
Million dollar question. [Miser]
Is this still a bear market rally, or start of our new bull run? The positive signs are there...
- Bad news (CPI at 9.1%, Technical recession, earnings drop) but stock market rally.
- Higher lows and higher highs forming indicating an uptrend.
- Will need MA50 crossing MA150 (not shown in my plot) and slope up to be optimistic. Also need to break current resistance and gain >20% from lowest bottom to confirm a bull trend.
I'm wondering as like everyone else... Are we past the bottom yet? [Glance] [Smug]
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
[Cool]