Although some may say the market is tanking, let’s take a closer look. While the monthly SPY chart looks bearish and RSI is overbought, on the lower time frames it’s actually oversold to a level we haven’t seen since October 10th, 2022.
On top of this, there is Imbalance in the 436-440 zone of the stock. I believe regardless of long term movement, for the next month or so we will be bullish as long as a recession doesn’t hit (Gov shutdown prevented for at least next 45 days). After that it gets blurry due to the mixed signals I’m seeing where the government’s performance in terms of our economy is lacking while I’m also seeing positive economic conditions this year thanks to a strong start from companies such as Openai and NVIDIA.
To further explain myself, let’s look at what a large portion of the S&P500 is made of: Apple.
Apple has reflected similar movement but has also shown strong signs of a reversal, managing to form a strong looking support before the market closed this past Friday and gain a bit of momentum. Price action shows sellers have hit their limit, essentially panning it down to buyer domination over the next week in my eyes.
I would not look for bullish plays until Apple has broken a strong level of resistance at $173, which would indicate we are entering the bottom threshold of a higher price bracket. (Price is moving up)
This is not financial advice, and by no means am I a financial adviser. I’m a 19 year old kid who loves this stuff and I wanna see if I’m right.
On top of this, there is Imbalance in the 436-440 zone of the stock. I believe regardless of long term movement, for the next month or so we will be bullish as long as a recession doesn’t hit (Gov shutdown prevented for at least next 45 days). After that it gets blurry due to the mixed signals I’m seeing where the government’s performance in terms of our economy is lacking while I’m also seeing positive economic conditions this year thanks to a strong start from companies such as Openai and NVIDIA.
To further explain myself, let’s look at what a large portion of the S&P500 is made of: Apple.
Apple has reflected similar movement but has also shown strong signs of a reversal, managing to form a strong looking support before the market closed this past Friday and gain a bit of momentum. Price action shows sellers have hit their limit, essentially panning it down to buyer domination over the next week in my eyes.
I would not look for bullish plays until Apple has broken a strong level of resistance at $173, which would indicate we are entering the bottom threshold of a higher price bracket. (Price is moving up)
This is not financial advice, and by no means am I a financial adviser. I’m a 19 year old kid who loves this stuff and I wanna see if I’m right.