A Holiday Hangover
Автор: David Paul
Загружено: 2023-07-06
Просмотров: 16333
Markets on both sides of the Atlantic have had a bad day. On the SP500 the gap down opening price charted a very bearish "Island Reversal" formation. This is fully described in the video. There is trendline support on the SP500 at 4390 which is currently holding. This is a vital level for the bulls.
Last year in the US the market backdrop was mired with high-inflation, ramping interest rates, and multiple capitulation days. Today’s backdrop is more of a tailwind for stocks: inflation has peaked, rising rates are nearing the end, and earnings are holding up better than feared.
The pullback will be difficult but in the US it's probably a second chance to pick up great stocks for those that missed the run from October.
For now it's time to adhere to the advice on VectorVest and that's to sit on hands on new positions and manage risk well. Hit the stops hard and low without hesitation.
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