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
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On Friday, the stock markets witnessed a remarkable turnaround, the most significant since March. The $DJIA(.DJI)$ rose by 0.9% during the day, reversing an initial 0.8% decline. The $S&P 500(.SPX)$ and $NASDAQ(.IXIC)$ also recorded gains. This turnaround was triggered by a stronger-than-expected U.S. jobs report. Gainers $POINT BIOPHARMA GLOBAL INC(PNT)$ (+86%): The American biotech specializing in cancer treatments has received a takeover offer from Eli Lilly, offering $12.50 per share in cash, valuing the company at $1.4 billion. Losers $Airbnb, Inc.(ABNB)$ (-9%): The tra
[Chart Master: Buy gold for a bounce after recent dip]Carter Worth, Worth Charting, joins the 'Fast Money' traders to talk his playbook for buying gold. $Gold - main 2312(GCmain)$
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