Has the rally lost steam? Price, momentum, and volume hold the clues [Video]
|Watch the video extracted from the WLGC session before the market open on 2 Jan 2024 below to find out the following:
-
The key support zone S&P 500 needs to hold.
-
How the market correction could unfold.
-
The first red flag and the condition you need to know.
-
The most important thing you should do to deal with the current market.
-
And a lot more.
The bullish vs. bearish setup is 272 to 26 from the screenshot of my stock screener below pointing to a healthy and positive market environment (despite a sharp decrease from 600++ bullish setups).
Despite the negative price action in the S&P 500, the support zone as discussed in the tweet below is still holding up, which is constructive for the bullish case.
"As long as the range is holding up, the rally will still going on. There's increasing of the supply level, but it's a localized increase means that there are some people taking profits." $ES $SPX #SP500 pic.twitter.com/5Y1hiQVwHc
— Ming Jong Tey (@MingJong) December 28, 2023
"As long as the range is holding up, the rally will still going on. There's increasing of the supply level, but it's a localized increase means that there are some people taking profits." $ES $SPX #SP500 pic.twitter.com/5Y1hiQVwHc
— Ming Jong Tey (@MingJong) December 28, 2023
6 “low-hanging fruits” (JPM, CRWD, etc…) trade entries setup + 28 others (LOGI etc…) plus 14 “wait and hold” candidates have been discussed during the live session before the market open (BMO).
JPM
CRWD
LOGI
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.