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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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.
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.