The S&P 500 is toying with the 50 DMA right now. The day activity was not so bullish and looks like it will be rejected at this level to trade lower. We have the 200 DMA and the 50 WMA both sitting at 280, which should act as good support. I would be a seller of the SPY around the 294 level. If it breaks out meaningfully to close out the day above this level with...
I see a pullback to 270 on the SPY which will turn out to be a buying opportunity. Short term rally to 280 looks like a good possibility where I would be a seller.
I am a big believer in big tech and it's disruption over the long term, but the recent action in the stock market has made me take a step back and study how the QQQ index has performed over the longer term. I have plotted the chart dating back to the 2009 bottom and there seems to be a clear uptrend since then. We checked back to that uptrend line a few times and...
The bond market looks like it is reaching it's peak overbought condition in the short term. This might bring some stability to the stock market. I am closely watching the 50 DMA line which is flat and might reverse it's trend to start moving higher. I would sell TLT in the short term and buy on dips. I will watch for a break in the downtrend line I highlighted...
