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Stock Market's Next Move, Bullish But SPY 405 Key Short Term Level



The Market


Annual Technical Bias: (SPY 200 day): Up

Annual, January: Up

Monthly Technical Bias: QQQ 285, Up

Weekly Technical Bias: Down

Next Day Technical Bias: Up

EPS Fundamental Bias: Neutral

Fed Fundamental Bias: Neutral

Overall Medium Term View: Bullish

Overall Short Term View: Bullish


Above is our daily snapshot subscriber view to keep us in-tune and building conviction in what's to come.


I'm overall bullish as you know. I have no changes fundamentally. The Fed's slowing down hikes and the economy is beating expectations in a bearish-sentiment market.


Ahead of Friday (to subscribers) because I saw our weekly and daily were together pointing down I was less bullish for Friday.


The market tested our key near term 405 SPY level on Friday and held by the close.


This is not a market right here-and-now, short-term to back up the truck.

Last year the theme, if you were a subscriber you remember was fake-out-break-out. Every time the market looked like it wanted to break-out it failed.


This year so far has been 'only up.'


This is the first time this year the market is trying to turn down. Let's see how it manages and maybe use action as a guide for future periods like this. This being the first time this year of it trying to turn down, let's be humble and see what it wants to do.


I said last week, later in the week, to subscribers that the market was 'leaning' down but a close below 405 SPY would confirm to me the market can have follow through on the downside.


The longer it holds above 405 though, the greater the chance it goes back up, ie failing to break down.


Again, for now it's held and Tuesday (Monday's a holiday) looks better to me on a daily basis.


As usual, we take it step-by-step.


If you'd like to know what we expect this week ahead of Fed minutes, Bitcoin's next move, Nvidia earnings, or PCE price, click here for a free trial.


Please leave a comment below on your thoughts and/or share using the social links below. Wishing you success.



All investments have many risks and can lose principal in the short and long term. The information provided is for information purposes only and can be wrong. By reading this you agree, understand and accept that you take upon yourself all responsibility for all of your investment decisions and to do your own work and hold Elazar Advisors, LLC, and their related parties harmless. 'Model portfolio' trades are hypothetical to show direction, conviction and timing. If live trades are shown it is as an approximate snapshot at the time of publication and can change at any time in-between publications. Opinions given are at this moment of publication and can change rapidly after this is published. If our calls are made public (outside the service) we may or may not update our opinions publicly. Elazar and its employees may take positions in the direction of the calls made in the service but also may add to or exit those positions at any time after this is published.

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