S&P bulls are unstoppable; market reaches new high
Market closed strongly last week after reaching a new historical high. There was some sluggish consolidation on Thursday-Friday but near end of Friday trading hours, bulls put end to it by setting hourly higher low. Friday closed within Thursday’s range after a failed break-out, which is a very bullish signal.
Currently, we have full alignment on all major timeframe: price is in uptrend on weekly, daily and hourly timeframes. There are absolutely no warning signs that would speak for bears.
Both short- and long-term outlooks are bullish. If you're already in a long position, you're fortunate and can rest easy. If you're considering entering the market, you can either wait for another pullback or enter now with a reasonable stop-loss.
FOMC minutes are coming out on Wednesday, which could cause some unexpected volatility. However, if there are no major surprises, the bullish thesis remains unchanged.
Disclaimer
I don't give trading or investing advice, just sharing my thoughts.
Currently, we have full alignment on all major timeframe: price is in uptrend on weekly, daily and hourly timeframes. There are absolutely no warning signs that would speak for bears.
Both short- and long-term outlooks are bullish. If you're already in a long position, you're fortunate and can rest easy. If you're considering entering the market, you can either wait for another pullback or enter now with a reasonable stop-loss.
FOMC minutes are coming out on Wednesday, which could cause some unexpected volatility. However, if there are no major surprises, the bullish thesis remains unchanged.
Disclaimer
I don't give trading or investing advice, just sharing my thoughts.
Comment:
The price formed an hourly double top pattern, which is a bearish sign. However, I wouldn't worry too much about it, as sellers couldn't even take down Friday's high of 529.5. Sector performance is mixed: there's weakness in Financials and Consumer sectors, but Tech is strong. Please note that the NVDA report is coming out on Wednesday, which could have a significant impact on the market.
Comment:
All eyes on NVDA earnings tomorrow. Even more important than FOMC
Comment:
Fed press-conference had little effect on the market. Now comes NVDA's report
Comment:
The market opened with a gap-up, but there were not enough buyers to sustain the rally. Sellers exploited this weakness to drive prices down and liquidate weak long positions from the past five days. This is somewhat disappointing, given the neutral FOMC outcome and strong earnings from NVIDIA. However, buyers should not be overly concerned. Last week's low is still intact, and there has been no solid daily trend reversal. Today's sell-off should be noted as a first warning sign, but sellers would need to do much more to reverse the trend. At the moment, market has just filled the gap from Wednesday 15th
Comment:
The week closed as a doji, marking indecision on both sides. Buyers were not ready to go above 531.5 while sellers lacked conviction to go below 525. Also notable that Friday closed as inside bar.
