Ouch! Did I hit something? šµ
[Warning] It must be the S&P500 resistance level of ~4188. Pardon my line drawing skills, if it's not accurate, but you get the idea. It's somewhere around that ballpark number.
Yesterday's S&P500 close of 4118 was below that early June resistance level and 100 day moving average (MA100) of 4121.
I'm anticipating a pullback due to this resistance level. The rally might be overextended, and hence not sustainable in the next couple of days. As such, this might be a good time to sell some covered calls to generate income.
For any retracement, 50 day moving average (MA50) level of 3925 looks like a great support level. If it goes down to this level, I'm going to double check the stocks on my watchlist for a similar pattern and average in.
Million dollar question. [Miser]
Is this still a bear market rally, or start of our new bull run? The positive signs are there...
- Bad news (CPI at 9.1%, Technical recession, earnings drop) but stock market rally.
- Higher lows and higher highs forming indicating an uptrend.
- Will need MA50 crossing MA150 (not shown in my plot) and slope up to be optimistic. Also need to break current resistance and gain >20% from lowest bottom to confirm a bull trend.
I'm wondering as like everyone else... Are we past the bottom yet? [Glance] [Smug]
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[Cool]