🎁$SPX See Upward Gap, Next Target to March High Around 4600 Points?
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Disclaimer: Historical performance of stocks or indices does not represent future trends. The content in this article is only for information exchanges. Investment is risky, opinions are not investment advice directly.
1. $S&P 500(.SPX)$ see Upward gap on Wednesday trading
On Wednesday trading, the June CPI data showed a smallest gain(3% YoY rose) in more than 2 years, the market are excited to expects the FED to continue to rate hikes will correspondingly reduces. Dollar index $USD Index(USDindex.FOREX)$ fell & $ $S&P 500(.SPX)$ marked a Upward Gap on Tuesday.
What a upward gap mean to the market？The gap will be filled or not fill？Will $S&P 500(.SPX)$ move to March high around 4600 points area due to Q223 earnings results? How to plan the following trades？bullish or bearish？please read to the bottom and share your personal comments to win Tiger Coins.
2. How to Play the Upward Gap
Indicates an increase in market sentiment and buying power: An upward gap may indicate an increase in market participants' willingness to buy the asset, showing positive market sentiment.
May mark a trend reversal or continuation: In an upward gap may signal the possibility of a trend reversal. And in an uptrend, an upward gap could signal a continuation of the trend.
Breakout of a support or resistance level: An upward gap can sometimes cause the price to break through a previously formed support or resistance level, which can generate a stronger buying signal.
3.Special Focus for $S&P 500(.SPX)$
Economic Data: The June CPI data gives market confidence for liquidity. Investor should continue to watch the PPI data on Thursday to judge how recession or involve in US economics.
Earnings Kick off: On thursday $Pepsi(PEP)$ $Delta Air Lines(DAL)$ are going to release financial reports, this would be a sign of consumption. And on Friday’s Trading, we will see $UnitedHealth(UNH)$, $JPMorgan Chase(JPM)$, $Wells Fargo(WFC)$, $BlackRock(BLK)$, $Citigroup(C)$ ’s earnings. Watch out the momentum to move the market.
Technical Signal: Upward momentum caution: be noted the negative divergences developing on the daily time frame-based such as the MACD. It shows the $S&P 500(.SPX)$ is moving higher with less strength, less momentum, and less liquidity. Investors also show more focus on small cal or Dow components.
4. 3 Other Insights For Consideration
Dr. Arnout ter Schure, founder and owner of Intelligent Investing, LLC, shared publicly:
Although it is a condition and not a trigger, it must be noted and matches the EWP pattern of a completing 3rd wave. The index will have to drop below the red W-i (February 2) high at $4195 to strongly suggest the W-B counter-trend rally has completed and is working its way lower to the $2700-2900 zone. See here when we were looking for the index to reach $4350-4650.
$SPDR S&P 500 ETF Trust(SPY)$ $S&P 500(.SPX)$ $E-mini S&P 500 - main 2309(ESmain)$ intraday options trader @SPY Options~Actionable Levels~Compound’s comments on $S&P 500(.SPX)$’ 15mins chart on twitter.
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@Options King ‘s comment on $S&P 500(.SPX)$ ‘ETF $SPDR S&P 500 ETF Trust(SPY)$
Options King from twitter
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What’s you current understanding of the market? $S&P 500(.SPX)$ , $SPDR S&P 500 ETF Trust(SPY)$ ?
Have planed your bullish position based on $S&P 500(.SPX)$ ‘s trend?
As, Q2 earnings season going to kick off, What's your targets or strategies to share with Tigers ?
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.
The Q&A for today :
1.What’s you current understanding of the market? $S&P 500(.SPX)$ , $SPDR S&P 500 ETF Trust(SPY)$ ?
2.Have planed your bullish position based on $S&P 500(.SPX)$ ‘s trend?
3.As, Q2 earnings season going to kick off, What's your targets or strategies to share with Tigers ?
My answer:
1.Just recently i started buy $SPDR S&P 500 ETF Trust(SPY)$
2.Yes i bullish on $S&P 500(.SPX)$
3. I will continue buy and sell, if i see the price on particular date go up to high, I usually sell it to realise the profit, so if it goes down, i buy back. Because I don't want to take risks so much, with the same amount of money try to play around.
Not investment device, pls do your own DD.
I am bullish on $Global X Autonomous & Electric Vehicles ETF(DRIV)$ as my tactical bet on EVs especially since Tesla's share price has gone up so much. I am also looking to invest in $iShares Cybersecurity & Tech ETF(IHAK)$ as Cybersecurity is an important issue with Cybercrimes on the rise. We are off to a great start for 2nd half to finish 2023 strongly.
@Trend_Radar
Based on SPX bullish trend, yes I have planned my position mainly on the EV sectors and also AI sectors. So far so good and glad to see these new positions are giving great return currently.
As Q2 earnings season is going to kick off, my strategy is keep and hold my existing holdings, without adding or reducing any positions. Usually it's quite risky to buy before earnings as any negative surprise during the earnings report will send the stock down by a lot. Nevertheless, you might experience a great upside too if there's some good news during the earnings call.
Kindly join the sharing guys! @koolgal @rL @Universe宇宙 @SR050321 @GoodLife99 @Aqa @melson
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