June 14th 2023 This is for the more technical peeps in the community But remember these are just technical indicators A lot will depend on what Powell does today If he raises rates the markets will most likely sell off - but then that would be a good time to dollar cost avg into stocks or ETFs Overall dollar cost averaging is still the way to go SHORT-TERM BIAS – BULLISH: The SPX has extended its rally through resistance near 4310. This puts the next hurdle on the chart at the objective of ~4510 from May’s breakout. Short- and intermediate-term momentum are strongly positive, and there are no signs of upside exhaustion. A significant pullback does not seem imminent and is more likely to arise from higher levels. Initial support is near 4195. LONG-TERM BIAS – NEUTRAL: The market faces three headwinds that preserve a neutral long-term bias. First, long-term overbought conditions have returned which will make it more challenging for the SPX to return to the highs above 4800. TACTICS: Stay with core long exposure, even in megacap stocks that may appear overstretched.
Posted by Suze at 2023-06-14 13:19:03 UTC