Best Ideas for Trading Stocks
We were spot on with our analysis from yesterday in stocks. Recall that we noted the head and shoulders pattern (linked article, below), and the completion of the impulse in the Elliott Wave. Also we noted the vacuum zone from the move on June 5th, which it completely retraced.
Stocks are currently finding good support at 3132 or so. The next level of support is 3100. This is both a technical and psychological level. After that, there is support at 3069. A healthy retracement in stocks is a good thing, because this unbridled exuberance would otherwise lead to a worse correction later on.
The Kovach Momentum indicators are accounting for the dip. At this point it could go either way, as Ghost Squawk AI is has a neutral reading at the moment. But the Fed won't let stocks go down forever and will likely intervene if it gets worse. Watch those levels of support, but otherwise, your bias should be to the long-side. After all, Powell signaled that the Fed is not even thinking about raising rates until 2022.
Stocks are currently finding good support at 3132 or so. The next level of support is 3100. This is both a technical and psychological level. After that, there is support at 3069. A healthy retracement in stocks is a good thing, because this unbridled exuberance would otherwise lead to a worse correction later on.
The Kovach Momentum indicators are accounting for the dip. At this point it could go either way, as Ghost Squawk AI is has a neutral reading at the moment. But the Fed won't let stocks go down forever and will likely intervene if it gets worse. Watch those levels of support, but otherwise, your bias should be to the long-side. After all, Powell signaled that the Fed is not even thinking about raising rates until 2022.
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