S&P 500 Has Joined Nasdaq Into Bull Market Territory π€
As posted 24 hours ago to anticipate S&P 500 to test the 420 zone and true enough, we're now right on that hot resistance zone finally! πͺ
Stocks are looking to extend gains today following the risk-on move in the previous session. "We didnβt actually get much in the way of concrete developments, but negotiations [on the debt limit] are continuing, and the mood was lifted by the fact that all the major players reiterated they want to avoid a default," Deutsche Bank's Jim Reid wrote in a note.
3491.58 + 20% = 4189.89
Like it or not, S&P 500 has officially climbed its way above 20% from the October 2020 low from 3941.58. Yes, it could still retrace since 4200 is the stubborn resistance as profit-taking are expected to take place naturally.
As long as more sellers leave the market, bear traders cut losses, institutional funds and bulls step in to buy in FOMO, the price will skyrocket sooner than later. Many are still waiting for a plunge as the yield curve signals a recession ahead comparing it to 2008 to repeat itself.
Market points to 2008
Twitter comment: Head & shoulders break down, rally back 16% within a wedge back to point of control, fails and tanks.
And claims 2023 is the same
Twitter comment: Head & Shoulders break down, rally back 17% within a wedge back to point of control.
Same, same but different?
Well, anything can happen in the stock market. Let's just take puts to short it, shall we? Remember, trend is our friend so go with the flow instead of going against it.
On the economic front, weekly jobless claims numbers will hit before the opening bell. The consensus is for a drop to 254K, but there are big concerns about the reliability of the numbers given a large amount of local fraud.
National claims for first-time unemployment benefits rose above 260K last week, rising steadily after coming in below 200K for the last three weeks of March. Today's consensus is for a drop to 254K, but things are looking shady with bogus figures out of Massachusetts causing total weekly claims to be possibly overstated by as much as 20K.
Today's Economic Calendar
8:30 Initial Jobless Claims
8:30 Philly Fed Business Outlook
10:00 Existing Home Sales
10:00 E-Commerce Retail Sales
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
4:30 PM Fed Balance Sheet
Strong bullish momentum
Trading Tips: Can we see another squeeze as FOMO bulls are piling to buy and perma bears busy cutting losses? β οΈ Looking at calls above 420.65 and puts below 418.06 on OPEX Friday.
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Time for some puts? Not sure what this crap rally is based on? AI solves world hunger? π
Powel will pump the market to the moon this time π€π€π€ ways to 430 spy !!
The Bull market seems to have started
head and shoulders, another strong classic pattern