Looking at the 4H chart, we can see that this is the 3rd time that price action has moved towards the upper channel. Will it be different this time? Will it break out and have a sustained rally like what some says for the seasonal trend where the month of Oct to Dec is rally mode ?
Core CPI data comes in at 6.6% , higher than the 6.3% analysts forecasted. This will prompt the FED to raise the interest rates to 0.75 in November and possibly higher in December. As such, while this bullish engulfing candle is promising, it could also be a short squeeze in disguise.
The top 4 stocks in the SPX components like Apple (dropped 40 dollars from peak), Microsoft (dropped 120 dollars from peak), Amazon (dropped 70 dollars from peak) and Alphabet (dropped 50 dollars from peak) have displayed a similar downtrend.
This has created a very good opportunity for those who has yet to profit from these giant companies that delivers record revenues, profits and high cashflows, etc. Buy in tranches will be my suggestion since catching the bottom of the market is more often than not a hit and miss game. Even market gurus get it wrong most of the time.
Please DYODD
Core CPI data comes in at 6.6% , higher than the 6.3% analysts forecasted. This will prompt the FED to raise the interest rates to 0.75 in November and possibly higher in December. As such, while this bullish engulfing candle is promising, it could also be a short squeeze in disguise.
The top 4 stocks in the SPX components like Apple (dropped 40 dollars from peak), Microsoft (dropped 120 dollars from peak), Amazon (dropped 70 dollars from peak) and Alphabet (dropped 50 dollars from peak) have displayed a similar downtrend.
This has created a very good opportunity for those who has yet to profit from these giant companies that delivers record revenues, profits and high cashflows, etc. Buy in tranches will be my suggestion since catching the bottom of the market is more often than not a hit and miss game. Even market gurus get it wrong most of the time.
Please DYODD
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so far so good......
Praise God