Price action
- 2 consecutive weeks of hammer candle and support off 421
- At confluence with uptrend channel too
- MA50 on weekly chart has been a guiding one ===> It is confluence at support of 421 to 417 too
Macro View
On a macro view perspective, quite simple, once price action goes below MA50 which would be about SPY 420 or 417, I would lean bearish.
Just like how Friday action has shown, market makers like to do what it likes to do, which is bull and bear traps and past week was a bear trap.
Good luck, all!
S&P500 Weekly Analysis - 7 Oct 2023
@LMSunshine @macroB @melson @CaptainTiger @Deposit @TigerStars
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Comments
I believe it's apt to consider whether we could have a firm rally in Q4 this year or if we should anticipate further downside toward lower valuation levels before bottoming out.
I am inclined to think a bear market is on the way but a relief rally can be a powerful thing.I may combine inverse etfs with longs
I urge investors not to read too much into Cook's intentions (as we will never know), but focus on AAPL's price action.