The major indices are down or flat premarket and we still have some big earnings ahead, including Advanced Micro Devices after the close Tuesday.
The S&P 500 (SPY) touched its 50-day moving average on Monday before backing off. But if we come back down, I don’t think it will come down a lot.
The problem to the upside is we have major resistance at the 100-day moving average.
But we also have strong seasonality at play, earnings as a catalyst and plenty of relative strength for a move higher. So while I’m not super bullish, I’m also not super bearish, either.
My suggestion is to keep an eye on SPY… Below $432 could signal a move lower, while rising above about $436.50 would be bullish for short-term day or swing trades.
The Nasdaq 100 (QQQ) is also at a critical level right now…
Above all else, I expect us to remain in a tight range rather than a big move up or down in the near term.
The long bond (TLT) is above its eight-day exponential moving average, which is giving the market a little breathing room…
I’ll cover all that and more in this morning’s “Premarket Must Watch” video!
In today’s all-new briefing, I’ll discuss whether stocks are ready to go higher or revert back to the 200 day line… which earnings we’ve got to pay close attention to in the next few days… gauging sectors to determine strength and weakness right now… top stocks to buy and worst ETF to FADE right now… and a game plan on how to tackle the market next few days!
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