$SPX currently (1) sits at weekly 50 MA with (2)RSI doodling around 30 on (3)small volume with (4)50 points worth of bull gaps just 150p (<4%) away, (5) outside of the 2022 downtrend channel, while (6) $AAPL and (7) $SPY are at important psychological levels of 150 and 400.
There may be a potential for a small short-term bounce or whatever it is you wanna call it.
However, SP500 may still close a day below 3980ish and push markets back into the bearish territory of the 2022 downtrend channel, invalidating this "micro-rally" idea.
There may be a potential for a small short-term bounce or whatever it is you wanna call it.
However, SP500 may still close a day below 3980ish and push markets back into the bearish territory of the 2022 downtrend channel, invalidating this "micro-rally" idea.
Comment:
Interim target (3975-3980) was hit today (a day later). The rally idea is still on. FOMC minutes of meeting didn't contain anything for the markets to slide on.
Trade closed manually:
Market went side-ways. The bounce may still happen (at least up to 4k), but both original (Feb.24) and extended (Feb.28) timings are off and recent macro prints and bond market moves are not favourable of a long position.
Trade is now closed.
Trade is now closed.