2020-11-06 • Updated
Facebook made a pretty significant upswing recently. From $258 per share, it leaped to almost $290 – more than a 10% rise. Nvidia followed the suit with other stocks as well showing that the tech sector of the S&P wants to make the best of the elections. How exactly? In general, Republicans in the US Parliament are more preferred by this sector than the Democrats. At least, the fact that things in the Senate are going to stay pretty much the same as they have been so far means that there will probably be no more restrictions on the tech giants. Logically, they are happy about it – precisely, 10%-happy, like in the case of Facebook. What about the S&P in general?
Look at the daily chart of the S&P below.
In March, the S&P oscillated between 2780 and 2980: an upswing, a correction downwards, another weaker upswing, a correction to the same support, then marching upwards.
In June, a similar oscillation happened between 2980 and 3225: reaching a high, going down, making a lower high, going down again to the same bottom, then breaking to the upside again.
In September-October, we same almost the same, just protracted pattern: up, down, up but lower, down again, then breaking upwards once again. The support is now 3225 and the resistance – to yet get broken – is 3580.
What does it suggest? We are likely to witness a strong bullish push beyond 3580 that may well last until the very end of the year. Once it exhausts itself, the support to be watched for the bearish revenge will be in the area of 3580. But now – enjoy the march with bulls.
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Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...
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Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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