I’m struggling to stay bearish on US stocks-bearish in the short-term as the sentiment is now mainstream. The negative news dominating the headlines could create a lot of potential for a surprise upside move in the near term.
Yesterday’s steady SPX rally, despite no news, was impressive. We could easily rally another 2-4% in the short term. The sharp downside move over the last couple months does leave potential for a local lower high which would be concerning.
If there are trades to be made, intraday ranges is where I’d put my focus on stocks (and not be tooo greedy). Bitcoin has the potential the put in a macro reversal if it closes the week strong. A swing trade entry at the 200 daily MA on BTC is still in play.
SPX Technicals
Volume profile:
POC: $5609
Upside interest: $5750
Downside interest: $5303
The line in the sand over the next 2 months is the 5120 level - the August 2024 low. If we close June there, 6M bearish divergence on the RSI leaves potential for a prolonged bear market. But that’s enough long-term analysis at a news-driven time when technicals have little bearing on price action.
What I’m focusing on this week:
- Sizing down
- Taking quick profits
- Watching trump’s tweets
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.