The below assessment is provided under the Financial Content Disclaimer at https://TSP.Live/financial-content-disclaimer/. Always consult with a licensed financial professional before trading.
Financial Market Analytics Dashboard (FREE): https://tsp.live/fma-v2/
Assessment: Here’s where things could FINALLY get interesting. The last two years saw strong growth in stocks, but nothing just goes up and up. Like public runs in sports…eventually there is a reckoning…but it is simply a matter of time.
Markets have been overbought and boring for essentially all of 2024. We did not get that swing trading environment that is fun to trade and provides both bulls and bears with multiple trading opportunities throughout the year. Instead it was basically just a slow grind higher…great for the 401K…not so much for the trade.
The key line right now is SPY $580. We cracked it, then recovered it and now threatening to crack it. I do expect a break to lead to selling, but sharp selling likely won’t come unless we break $560…and given how long the bulls have been in total control, I don’t see either level cracking easy…but once they do we should see a healthy down move.
Once the down move is over, then it will present some great opportunities for buying at decent prices. I have a laundry list of positions I am interested in…now I just have to get my targets. Let’s see what they do with $580 first.
SPY: https://sblk.io/s/alxliNs6tNi6sOR
Good luck in your trades!