Mild response
Response to CPI was mild. Guess most wouldn’t expect CPI number to be the same as estimate. Options premium burning is real. IV crush is real too.
I would hope this momentum can continue and SPY can break above 400.
I would hope this momentum can continue and SPY can break above 400.
That said, would also like to caution everyone that SPY is hitting this downward trendline (see images below) that stretches till Jan 2022 - that’s one year ago. And every time this line got tested, SPY got rejected, and the market went down.
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$SPDR S&P 500 ETF (SPY.US)$ $S&P 500 Index (.SPX.US)$ $Invesco QQQ Trust (QQQ.US)$ $Tesla (TSLA.US)$ $Apple (AAPL.US)$ $SPDR Dow Jones Industrial Average Trust (DIA.US)$ $ProShares UltraPro QQQ ETF (TQQQ.US)$ $ProShares UltraPro Short QQQ ETF (SQQQ.US)$ $Meta Platforms (META.US)$ $Alphabet-A (GOOGL.US)$ $Credit Suisse (CS.US)$ $iShares 20+ Year Treasury Bond ETF (TLT.US)$ $Financial Select Sector SPDR Fund (XLF.US)$ $Lucid Group (LCID.US)$ $ARK Innovation ETF (ARKK.US)$
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intuitive Jackal_354 : I see us trying to retest the 280 level again tomorrow, momentum was off today be I think we still have some power left to make a final push upward. if we get rejected we'll start downward to about 272 again. resistance is very heavy at 280 281 ish level so breaking threw will take us upward with momentum. but honestly we could go either way and tomorrow will define our direction
sTone83 intuitive Jackal_354 : The financial reports of the six major banks for the next two trading days were the highlight.
102175775 : a lot of technical guys except for a couple who are concerned abt this major downtrend line n till now r still bias towards bearish downtrend. they hv missed the big movements n likely their own portfolio profit is eroding. i think we r about to see a reversal trend in the weeks ahead since the weekly chart is still very bullish n the recent recovery is much smaller in magnitude compared to the past recoveries which were long ways to the long term downtrend line. thus, the bulls r less tired this time. suspect there is a lot of idle cash waiting to be deployed since mkt was sold down so much in the whole of 2022. also, the effect of rate hikes were not felt several mths ago. the tame CPI number tells us that FED cld hv reined some control over the once runaway inflation. if mkt has priced in the recession 6 mths ahead, i think some stocks r value for investing now. we hv seen good recovery for Netflix, Meta, alibaba n perhaps next will be Amazon n Tesla. Tesla has a lot of upside to go. its already up 20pct fm the low. but stil down some 70 pct while its revenue n profit r still growing.
Cow Moo-ney OP 102175775 : Good analysis. Valid points there.
Violets intuitive Jackal_354 : I expect Tuesday to be very red....but Cramer doesn't think so..
101662029 : Technical analysts is not work on this kind of market situation that full of Uncertainty, while FED keep on increasing the rate, no matter how much it is, the market will continue to drop
intuitive Jackal_354 sTone83 : I agree, but they aren't in $Invesco QQQ Trust (QQQ.US)$ which I was referring to
intuitive Jackal_354 : $SPDR S&P 500 ETF (SPY.US)$ needs to break threw 400 in a big way, then it also has the 200 day moving average to break as well
Cow Moo-ney OP intuitive Jackal_354 : Exactly. Double resistance
BeBlessed : what do you mean when you commented that options premium is burning? pple shorting or longing?
seems like our tesla is coming to fetch us ard 115
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