SPX Short Term Rally On The Table
Markets are oversold and as bad as the Macro Environment is, things are not spiraling at this very moment.
I suspect we will continue to see momentum swing to the upside short term as we head into the rest of this week.
It is possible we are seeing a false move on a Monday but TA suggests a fair chance for a bounce.
Now, this does not detract from my overall Medium-term sentiment.
Because if you look here, things on a Macro scale are still at risk: This is the NASDAQ
I measured the number of days it has taken the NDQ to retest 50ma monthly. We have now exceeded the last time by 607 days. That paired with Price still just landing in the middle of the channel suggests medium-term downside still. Pay attention to RSI as well. It seems like a textbook Bear Market rally.
This is also a Dooms Day Scenario for the SPX:
Here is the Macro view for reference:
I suspect as the market continues to rally, Powell will make his appearance and cool down the markets once again as he continues to fight for Price Stability and maintain a Hawkish Stance.
For now, we just ride the potential wave to restest the lost level and go from there!
Please express any opinions down below;
I suspect we will continue to see momentum swing to the upside short term as we head into the rest of this week.
It is possible we are seeing a false move on a Monday but TA suggests a fair chance for a bounce.
Now, this does not detract from my overall Medium-term sentiment.
Because if you look here, things on a Macro scale are still at risk: This is the NASDAQ
I measured the number of days it has taken the NDQ to retest 50ma monthly. We have now exceeded the last time by 607 days. That paired with Price still just landing in the middle of the channel suggests medium-term downside still. Pay attention to RSI as well. It seems like a textbook Bear Market rally.
This is also a Dooms Day Scenario for the SPX:
Here is the Macro view for reference:
I suspect as the market continues to rally, Powell will make his appearance and cool down the markets once again as he continues to fight for Price Stability and maintain a Hawkish Stance.
For now, we just ride the potential wave to restest the lost level and go from there!
Please express any opinions down below;
Related publications
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.