SPY -short to intermediate term outlook.
Related tickers - SPX,SPY.
SPY gapped up above a major resistance area today and there don't seem to be any strong resistance to watch from now on.
I am estimating a run up to 377+ (at best).
The bull case is stronger in the short term (for the next 3-4 weeks).
Bull case- Extreme optimism, Vaccine availability, Stimulus, December rally, Tesla inclusion.
Bear case- Fragile market, absurd valuations, uncontained virus spread, dip in gold price
It is quite evident that there will a correction to the stock market sooner or later but finding the reversal point is important so as take advantage of the move.
I am personally going long for the short term till the daily RSI signals overbought.
Thank you for reading.
**Just an Opinion
SPY gapped up above a major resistance area today and there don't seem to be any strong resistance to watch from now on.
I am estimating a run up to 377+ (at best).
The bull case is stronger in the short term (for the next 3-4 weeks).
Bull case- Extreme optimism, Vaccine availability, Stimulus, December rally, Tesla inclusion.
Bear case- Fragile market, absurd valuations, uncontained virus spread, dip in gold price
It is quite evident that there will a correction to the stock market sooner or later but finding the reversal point is important so as take advantage of the move.
I am personally going long for the short term till the daily RSI signals overbought.
Thank you for reading.
**Just an Opinion
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