Update on Us30.
Still, I believe there is a big drop coming heading into 2024 - but now? No, I see the potential for markets to continue heading towards our all time highs, including many different asset's
On the technical side, you can see it's headed to being overbought on the stochastic for the first time since the beginning of last year (2022) as well as there has never been a period of more than 2 months of "Bullish Markets" since the bull run in 2021. And if you even look at the reversal markets made after being overbought back then, markets drop 20% - and we all know "Bear" markets are defined by dropping 20% or possibly even more. So a 20% drop from the high of 37,000 - would take price right back towards the trend line as well.
Now on the fundamental side of this, it's the markets vs the Federal Reserve. And since the last the last meeting, we've managed to see an upside move of just over 10% in the last month alone. And that was based off the fact that the federal Reserve decided to not raise interest rates, and even mentioned the possibility to not raise them again throughout 2024. But, they've never mentioned to lower them as well. So after the upcoming December meeting this will definitely determine the direction of markets going into the beginning of 2024.
This is just my personal opinion, Trade Safely!
Still, I believe there is a big drop coming heading into 2024 - but now? No, I see the potential for markets to continue heading towards our all time highs, including many different asset's
On the technical side, you can see it's headed to being overbought on the stochastic for the first time since the beginning of last year (2022) as well as there has never been a period of more than 2 months of "Bullish Markets" since the bull run in 2021. And if you even look at the reversal markets made after being overbought back then, markets drop 20% - and we all know "Bear" markets are defined by dropping 20% or possibly even more. So a 20% drop from the high of 37,000 - would take price right back towards the trend line as well.
Now on the fundamental side of this, it's the markets vs the Federal Reserve. And since the last the last meeting, we've managed to see an upside move of just over 10% in the last month alone. And that was based off the fact that the federal Reserve decided to not raise interest rates, and even mentioned the possibility to not raise them again throughout 2024. But, they've never mentioned to lower them as well. So after the upcoming December meeting this will definitely determine the direction of markets going into the beginning of 2024.
This is just my personal opinion, Trade Safely!