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SPY S&P 500 Index ETF and the Debt Ceiling DealThe political climate is favorable for a small rally of SPY, the S&P 500 Index ETF, towards the next resistance level of $430. After several weeks of tense negotiations, President Joe Biden and House Republicans have reached an agreement in principle to address the debt limit and cap spending. The debt-ceiling deal is now finalized, and here are significant parts of the agreement: First, the agreement suspends our $31 Trillion debt ceiling until January 2025, providing some relief and avoiding immediate concerns. Additionally, the agreement ends the pause on student loan repayments, allowing borrowers to resume their payments. This decision aims to ensure the stability of the student loan system and address the long-term financial implications. Furthermore, the agreement includes stricter work requirements for low-income and older Americans who receive food stamps. These requirements are intended to encourage self-sufficiency and help ensure that federal aid benefits are effectively utilized. Regarding IRS funding, the agreement entails a $20 billion reduction from the initially proposed $80 billion budget. This reduction specifically targets the allocation meant to crack down on tax evasion by wealthy individuals and corporations. Moreover, the deal puts an end to the ongoing freeze on monthly student loan payments and interest. It also introduces restrictions on the President's ability to reintroduce such a freeze in the future. To avoid contentious debates until after the next presidential election, the agreement suspends the debt limit until January 2025. This decision provides a temporary relief from potential conflicts surrounding the debt limit. The agreement also implements new work conditions for Supplemental Nutrition Assistance Program (SNAP) recipients, raising the age limit for work requirements to 54. This measure aims to promote workforce participation and enhance the effectiveness of federal aid programs. Overall, this comprehensive agreement addresses various aspects of the debt limit and spending caps, aiming to strike a balance between fiscal responsibility and supporting those in need. My overall outlook is still bearish and i think the small rally could easily turn into a bull trap. Looking forward to read your opinion about it.
AMEX:SPYLong
by TopgOptions
1
Nifty Weekly Analysis Nifty had retraced 0.618 level of 15100 to 18900 move at 16800 from last June till 13 March. On weekly chart nifty is making higher high and higher low for last 10 week. ( green line). Since 13 is a fibonacci no nifty is expected to make new high and low for 3 more weeks. ( it is based on Fibonacci levels not necessary). MacD is just above signal line and just above 0 line which states beginning of up trend. ( As weekly chart is better for long term view). Any move above 18900 19000 nifty can reach first fibonacci extention level at 1.272 ie 19900. From here SL is to be strictly followed below green uptrend line or close below lower high of previous week. Long can be entered above 18550 with first target 18900 , 19300, 19500 and 19900. This analysis is for next 1 month.
NSE:NIFTYLong
by Trendz9
DOW:- WAIT AND WATCH STRATEGYDow opened at 32787 gave low of 32700. After an hour Dow broke yesterdays high and with no no time next candle stick made high of 33028. Yester day after making low of 32575 Dow recovered forming shooting star pattern, which is formed because of buyers emerging at lower lever an pushing index up. Today is follow up buying day. If Dow closes with green long candle.stick, It can be taken as reversal pattern and can go long after consolidation or above today's high. Yesterday suggested SL above red line. From last 1 hrs Dow is trading above red downtrend line. This is to be taken as bullish. Since yesterday low is 400 points along position must be closed below 50% of yesterday high and low ie 32750. But it suggested to go long after today's confirmation.
TVC:DJI
by Trendz9
We will never see such prices for European stocks again...European indices have been reddening for several days in a row. European Euro Stoxx 50 fell only -3% from the high, but this is just the beginning of a big drop and I will tell you why. Since the beginning of year, European indices have shown very good growth, which is not entirely supported by fundamental factors. Yesterday, on the channel, I already drew attention to the difficult situation in the German industry (the German economy is already in recession and will only deepen into it), but this did not prevent DAX from updating its historical maximum! It is very strange, because Germany is still famous for its industry, and not for the IT sector... Now the technical picture says that there are serious reasons to believe that the growth in European markets has come to an end. There are serious signs that the French TVC:CAC40 index has reversed. There were large sales in the shares of the leaders. Someone "big" got out of the market. Today the decline continued. Do not forget that inflation in Europe is higher than in the US, which means that the ECB will raise the rate even more and even more choke the economy, which can not stand it now! While in the US they are already talking about a pause in raising the rate. The chances of a return to the highs are melting right before our eyes. TVC:SX5E are doomed to fall… 🔰 My recommendation: If you have European shares - sell them. Then say thank you for saved capital. You can find even more useful analytics in header of my profile 🎩 If you are interested in analysis for other assets - write in the comments which asset you need to see.
BLACKBULL:BRENTShort
by Dorado_Crypto
KOSPI Composite Index - Symmetrical TriangleIndex: KOSPI Composite Index Exchange: Korea Exchange (KRX) Region: South Korea Introduction: Welcome to today's technical analysis. We'll focus on the weekly chart of the KOSPI Composite Index, highlighting a bullish reversal signaled by a symmetrical triangle pattern breakout. Symmetrical Triangle Pattern: The symmetrical triangle pattern is a neutral pattern that can signal either a bullish or bearish breakout, depending on which direction the price escapes. This pattern usually appears during a trend's consolidation period and is characterized by two converging trendlines. Analysis: The KOSPI Composite Index was undeniably in a downtrend, represented by a blue diagonal resistance line. However, this has changed as the index has entered a phase of consolidation, forming a symmetrical triangle over the last 294 days. The breakout from this pattern and the index's current position above the 200 EMA suggest a bullish market environment. The price target, following a successful breakout, is projected at 2895.50 KRW, potentially signifying a price increase of approximately 16.5%. Conclusion: The weekly chart of the KOSPI Composite Index presents a bullish scenario, with a symmetrical triangle pattern breakout. This signals a potential reversal from the previous downtrend, suggesting a favorable environment for long positions in stocks within this index. As always, this analysis does not constitute financial advice, and it's essential to conduct your own research and consider risk management strategies when investing. If you found this analysis valuable, please like, share, and follow for more market insights. Happy trading! Best regards, Karim Subhieh
KRX:KOSPI
by KarimSubhieh
Dow at 6 months Support lineYesterday Dow had closed at 33055. This is third time Dow had come near 33000 support area. This was also support zone from Dec to 5th Jan and then Dow had made high of 34400. Today too Dow had closed near support zone. Question is what next. As per our previous analysis, Dow is facing resistance at lower high made on 10th May @ 33772 and 19th may @ 33650. The blue line drawn at near support , yellow slope line drawn connecting lower high as resistance line and yellow line drawn from 33400 as uptrend support line, is suggesting that Dow is completing long triangle pattern .It had completed Shark pattern and is trading below it. Dow had retraced. 038 of move from 31400 to 34200, two times. 1. Dow could take support at yellow uptrend line which is also .500 retraced line. 2. If support line is taken away then 0.618 retracement level will act as support . 3 If 0.618 is taken away means Dow is weakening and in coming weeks Dow could test 32k and 31.5k Dow is short when shooting star and confirmation pattern was formed on 1st May. Since then Dow is in down trend.
TVC:DJIShort
by Trendz9
Dow Stucked in side ways.On 1st May after forming bearish shooting star pattern Dow had made new lower high trend at 33652. Dow after giving false breakdown below 50 DMA on 16th May Dow was not able to break above 20 DMA (red line ). Instead it made new lower low yesterday( as per today's candle stick.) As per chart Dow is stuck b/w 20 and 50 DMA in small range. MaCD is in neutral zone . When any index or stocks makes big move , it starts loosing its volatility and becomes neutral, starts trading in small range for days or weeks and again makes a big move there by increasing volatility. Dow is in same phase. Diff b/w high and low was 1200 point from 1st May till 16th May. From 16th may to 19th may Dow is trading in 600 point range. Yester day Vix was 16 and today it's 17. So slowly vix is increasing. So if Dow have to move above yesterday high for up move and above 33800 for down trend reversal and below 32900 for uptrend reversal.
TVC:DJI
by Trendz9
Nifty on verge of breakout. 1. From 1 Dec 2022 till 8 March Nifty had made lower low and lower high. 2. From 16 March to 27 March Nifty had made 3 bottom @ 16800, and reversed the trend, making higher low and higher high till 15th May. 16th may it was unable to make new high , instead made double top@ 18475 and retraced three day making lower low. On 19th may shooting star pattern was formed after 3 days corrections and confirmation pattern next day reversing lower low pattern. 3. Resistance of double top @18500 if taken away then 19000 and higher levels could be on board in few days. 4. MACD is still sell and till MACD not giving buy signals upper level could be delayed. 5. With Nifty in uptrend shorts should be avoided and long position is above 18500. 6. Nifty had retraced 0 .786% of down fall from 19000 to 16800 . Above 0.786 nifty had potential to give high of 19000 and could extent upto 1.618 @20400.
NSEIX:NIFTY1!Long
by Trendz9