Relief Rally
We finally got a relief rally after 6 red consecutive candles from SPY.
Many other stocks like Google, Microsoft, Amazon etc rebounded too. Even for Apple, it staged a nice recovery from an early sell-off due to bad news.
Going back to SPY, have posted previously that there is potentially a double bottom on the daily chart. If this is validated, the broader market should continue this rally, with the next heavy resistance at 387. But before that, there is a gap around 370-373. If the market continues to be weak, we may start getting rejected at 373. Else watch out for 387
Many other stocks like Google, Microsoft, Amazon etc rebounded too. Even for Apple, it staged a nice recovery from an early sell-off due to bad news.
Going back to SPY, have posted previously that there is potentially a double bottom on the daily chart. If this is validated, the broader market should continue this rally, with the next heavy resistance at 387. But before that, there is a gap around 370-373. If the market continues to be weak, we may start getting rejected at 373. Else watch out for 387
From YouTube
$SPDR S&P 500 ETF (SPY.US)$ $Amazon (AMZN.US)$ $Alphabet-A (GOOGL.US)$ $Apple (AAPL.US)$ $Microsoft (MSFT.US)$ $NVIDIA (NVDA.US)$ $Invesco QQQ Trust (QQQ.US)$ $S&P 500 Index (.SPX.US)$ $Netflix (NFLX.US)$ $Meta Platforms (META.US)$ $E-mini S&P 500 Futures(DEC4) (ESmain.US)$ $USD (USDindex.FX)$ $iShares Russell 2000 ETF (IWM.US)$
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