Will the Market Rally Again?
If you want to see a detailed explanation about the current technical analysis for SPY then check out this short video in this link here: https://youtu.be/rdWdmnjHim8
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OUTLOOK FOR SPY FUTURES
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OUTLOOK FOR SPY FUTURES
The macro environment is still not accommodative for equities. High interest rates and the looming recession in Europe caused by the current energy crisis are causing great volatility in the markets lately. The past three days in the market have been bullish as you can see in the picture below.
Why is this happening in a bad macroeconomic environment? This could just be a standard minor correction before the downtrend continues. After all the stock market can not go straight down or straight up. There were a lot of headlines about Europe planning on passing a lot of legislation to sove the energy crisis before a recession occurs. These are very bullish headlines for the current macro environment we are in. This news could have added to the bullishness the past three trading days.
SPY did bounce off of two legitimate suport levels so this bullishness could have been expected by many investors. You can see this illustrated in the picture above. But the global environment is still not good for equities. So how long will this bullishness last. These are the most importand support/resistance levels in the picture below. I have also mapped out some possible price action moves that could take place in the future.
$SPDR Dow Jones Industrial Average Trust (DIA.US)$ $Invesco QQQ Trust (QQQ.US)$ $iShares Russell 2000 ETF (IWM.US)$ $Powershares Exchange Traded Fd Tst Db Us Dollar Index Bullish Fund Etf (UUP.US)$ $SPDR S&P 500 ETF (SPY.US)$ $iShares 20+ Year Treasury Bond ETF (TLT.US)$ $SPDR Gold ETF (GLD.US)$ $iShares Silver Trust (SLV.US)$ $Crude Oil Futures(JAN5) (CLmain.US)$ $Copper Futures(DEC4) (HGmain.US)$ $Hang Seng Index (800000.HK)$ $CSI 300 Index (000300.SH)$ $SSE Composite Index (000001.SH)$ $S&P/ASX 200 (.XJO.AU)$ $FTSE Singapore Straits Time Index (.STI.SG)$
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Thelord : Are you long?
SpyderCall OP Thelord : I have a few long positions for a some swing trades.
Thelord SpyderCall OP : Looks like gonna rocket very hard next week. Cpi data sure beat expectations
Jay chay : Yes expect a bull run soon
SpyderCall OP : I think we will find out on the inflation data coming out tomorrow and the next day.
SpyderCall OP Jay chay : and then the fed will raise interest rates next week. that will be the ultimate deciding point for the direction in the market.
SpyderCall OP Jay chay : it might be a small bull run before the inflation data kills it. or Powell kills it. If Powell makes the market rally then that would be a very good look for the market
whqqq : Under the situation of European energy crisis, what do you think of betting on OXY?![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
SpyderCall OP whqqq : crude oil is doing good so far today
SpyderCall OP whqqq : oxy has been on a downtrend for the past couple weeks. but the price is broken out to the upside of this price channel. that is bullish for the short term. but I would wait and see what happens. because the price is still below the nine day moving average. if the price gets above the 9 day moving average, and oil is going up, and natural gas matters a little bit not as much as oil. then it would look like a good time to go long. but then again sometimes the chart will just go up for no reason and you can ride the trend to the upside. but I would wait for the price to get above the nine day moving average personally
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