Riddick705 commented on a stock · Jan 30, 2024 10:24

What to expect this trading week?

What might transpire in the market post the FOMC meeting on January 30th-31st, 2024? Let's delve into the reasons behind the surge in the $S&P 500 Index (.SPX.US)$ as it surpasses its 52-week high for the year.

Keep a keen eye on key tech earnings for some of the magnificient seven, including $Advanced Micro Devices (AMD.US)$ and $Microsoft (MSFT.US)$, and anticipate the developments for the other major players on Thursday, February 1st— $Amazon (AMZN.US)$, $Meta Platforms (META.US)$, and of course my personal favourite $Apple (AAPL.US)$.

Consider the performance of $SoFi Technologies (SOFI.US)$ my swing trade, which saw a notable increase of more than 15% due to better-than-expected earnings. Are there strategic buying opportunities this week? Money continues to flow into specific sectors within this group, acting as a cautious signal for investors, constituting less than 10% of the entire S&P 500.

Let's not forget about our favourite, $Tesla (TSLA.US)$. In the last trading session, Tesla observed a 4.2% gain, moving from $183.3 to $190.9. Throughout the day, the stock exhibited a 4.2% fluctuation, ranging from a low of $183.7 to a high of $191.5.

Did you manage to acquire more shares? I certainly did, aiming to dollar-cost-average under $160. Keep in mind that a correction might face strong resistance around $199, with the next hurdle at $233. Noteworthy is the notable surge in trading volume on the final day, coinciding with the upward price movement—a positive technical signal. The total shares exchanged on that day reached 123 million, with a total value of approximately $23.57 billion, reflecting an increase of 17 million shares compared to the previous day.

There's potential profit in options trading within the support range of accumulated volume between $184 and $209. Exercise caution and monitor the RSI14, indicating oversold conditions, as a rebound appears imminent.

As the FOMC meeting unfolds, I'll be closely watching the market, eager to explore the opportunities it presents.

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