S&P500 Weekly Look - Not bearish until 420 (or MA50) gives way!
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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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.
The steep pullback in the S&P 500 from its July 2023 highs represents another opportunity for investors who missed buying its late 2022 or early 2023 lows.
While the risk of further downside volatility cannot be ruled out, its price action and valuation are still reasonable