.SPX: There is significant psychological support at 6000
$.SPX(.SPX)$ thoughts: the index remains above its short term moving average (6023)— breadth as measured by net new highs across NYSE and Nasdaq markets has been negative for three consecutive sessions, and momentum is pointing downward.
There is significant psychological support at 6000. In the scenario where pride trades below 6000, breadth is negative and momentum pointing down— I will take defensive position.
Otherwise I remain positioned for melt-up trade via ARKK, and a handful of other small cap US equities.
Outside of the US equities I remain a bull participant in Chinese equities like $Alibaba(BABA)$ and $TENCENT(00700)$ . I view the most recent decline as healthy.
Follow me to learn more about analysis!!
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.
