Potential Double Top? 3 Key Perspectives For the Remaining Week
$S&P 500(.SPX)$ closed down 0.39% on December 6,lowered on softer ADP report and Fed rate-hike doubts.
Chicago@Barchart posted a chart and triggered discussion among netizens on X Platform: $S&P 500(.SPX)$ potential double top.
Do you agree that the $S&P 500(.SPX)$ does not look too good technically？ Are you wondering about a Santa rally or a fally?
The question here is how to confirm that this is a double top in the $S&P 500(.SPX)$.
In the remaining days of this week, I think it's worth noting the 3 perspectives below:
1. The trend of magnificent seven stocks as below:
2.Pay attention to the rebound of the $USD Index(USDindex.FOREX)$
Since Monday, the $USD Index(USDindex.FOREX)$ has risen for three days in a row and has stood on the 200DMA. Thursday Asian time, the U.S. dollar index fell 0.33%.
Generally speaking, the U.S. dollar index moves in the opposite direction to the U.S. stock index.
Image
3.Friday's non-farm payrolls data will be a key.
The question of when the Fed will cut rates has become a hot topic in the market if the non-farm payrolls data is good, the market expects a high probability of a rate cut soon, which is good for the market; if the data is weak, rate cut expectations fall and the market could expect a further decline.
Currently, non-farm payrolls are expected to rise by 185,000 in November after rising by 150,000 in the previous month. However, the unemployment rate will remain at 3.9%.
Question For Tigers:
Do you have opinion now?
What's your strategy this week？
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.
Following Friday's closing, $S&P 500(.SPX)$
Therefore, personally, I am more towards a Christmas rally rather than a fally. If you are a safe trader, you might wait for at least 3 days for the S&P500 movement. If the price can sustain above 4600 within 3 days, then the bullish continuation shall kick in pretty soon. Hohoho, a real Christmas rally is to be expected this year. How do you think? Similar to $Nasdaq100 Bull 3X ETF(TQQQ)$
@TigerClub @Daily_Discussion @TigerSG @TigerStars @CaptainTiger @MillionaireTiger @TigerEvents @Tiger_comments
🌟🌟🌟It's been a Glorious week with the markets up. The S&P500 closed over 4600. Some analysts are predicting that the S&P500 will close 5000 by the close of 2024.
Next week the stage is set for Jerome Powell's Pow Wow meeting when it is greatly anticipated that the Feds will hold interest rates at the current level.
It looks like Santa is here to take us on his sleigh ride to a wonderful year end rally. I will just hitch hike and follow his lead to hit new highs in my stocks.
It's Ho Ho All The Way To Christmas!🎅🎅🎅🎄🎄🎄🎉🎉🎉
@Tiger_chat @TigerStars @Tiger_comments @TigerClub @Tiger_SG
$S&P 500(.SPX)$ closed down 0.39% on December 6,lowered on softer ADP report and Fed rate-hike doubts.
Do you agree that the $S&P 500(.SPX)$ does not look too good technically？ Are you wondering about a Santa rally or a fally?
come comment and win coins [smile] [smile] [smile]