Market momentum levels are critically high, signaling overbought conditions. We must be cautious and not overexpose ourselves in the current market, which is overdue to pull back.
About 85% of S&P 500 stocks are trading above their 50-day moving averages.
The Energy sector is showing signs of strength and higher prices, with a potential end of a bottoming phase.
The bond market is not showing strong upward movement, indicating a lack of confidence in lower interest rates.
Semiconductors, particularly AMD and Intel, are outperforming the market and showing potential.
I’ll cover all that and more in this morning’s “Premarket Must Watch” video!
In today’s all-new briefing…
I’ll discuss why markets are overbought… if bonds are ready to break down… critical levels for S&P 500… energy market analysis… how to navigate the current market environment… top stocks to own and to sell right now!
Roger Scott
Roger Scott Trading
Follow along and join the conversation for real-time analysis, trade ideas, market insights and more!
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P.S. My Top Economic Sectors, Projections and No. 1 Stock for 2024
As we bid farewell to 2023 and welcome 2024, the trading world is abuzz with questions and uncertainty…
Will the market gently touch down, or will rate cuts propel us to unprecedented heights? Is inflation still lurking around the corner, ready for a resurgence?
Are you feeling the weight as we approach 2024? Concerned? Hesitant?
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