Be Bullish on .SPX

predator007
2023-11-13

Seasonality and technicals (so far) farvor the bulls. $S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$

You don't want to short the market right here. imo. I believe we are in the process of setting up a serious top.

1- If we continue to $SPX 4500 without at least a 38% fib retracement, chances we will tank before 4550 and certainly before 4607.

2 If we pullback for at least two days to anywhere between 38%fib (3300) and 50% (4260) which would coincide with 200MA, then chances there will be another leg up to $4700 and maybe ATH to form a double top.

I am still biased towards the first and hoping for the second. GL.[Cool][Cool][Cool]

Will CPI drop as expected and Fed pause again?
Trading Economics expect October CPI to be 3.3%, lower than the previous data of 3.7%; the estimates of core CPI is 4%, slightly lower than the previous data of 4%. The decline of oil prices in October will help drive the CPI down. The market expects another pause in December after Fed skips rate hike in November. --------------------- Will CPI drop as expected and lead to another pause? Or will Fed increase 25bps in December?
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.

Comments

We need your insight to fill this gap
Leave a comment