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From chart, I see 2 possible options - one that retreats and find support at 4812 price level and continue to rally from here. Two, it was a false alarm and heads south and head towards 4694 price level before finding support and continue the rally upwards.
Of course, the worst scenario is if for some reasons FED refuses to cut interest rates (market already price in 3 cuts) or worse increase one more rate hikes and the market can react badly and goes ahead to close the loop at 4422 price level. That is roughly a 8% drop from its current price so still acceptable.
AI will continue to push the magnificent 7 stocks even higher (look for dips to accumulate) and I expect to see a rotational play back to Healthcare stocks , Consumer Staples which were not performing so well last year.
Please DYODD
From chart, I see 2 possible options - one that retreats and find support at 4812 price level and continue to rally from here. Two, it was a false alarm and heads south and head towards 4694 price level before finding support and continue the rally upwards.
Of course, the worst scenario is if for some reasons FED refuses to cut interest rates (market already price in 3 cuts) or worse increase one more rate hikes and the market can react badly and goes ahead to close the loop at 4422 price level. That is roughly a 8% drop from its current price so still acceptable.
AI will continue to push the magnificent 7 stocks even higher (look for dips to accumulate) and I expect to see a rotational play back to Healthcare stocks , Consumer Staples which were not performing so well last year.
Please DYODD
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.