Market analysis 04Aug2022
MooMoo account update 04Aug2022
What a green day.
Next 2 days will be critical, let us see why:
$SPDR S&P 500 ETF(SPY.US$ : It is now at the resistance that we mentioned previously (414-416 region). Today daily volume shows that the buying volume is not low. We shall see if it can break above it then cross above MA30. Before it crosses above MA30, phase 2 is not there yet for an advance run.
Similar pattern can be seen with $Invesco QQQ Trust(QQQ.US$ . It breaks the previous swing high, and it is now testing the MA30. It will be a good signal if it can cross above MA30. Before that, anything can happen!
But, among all the big tech, the next leader is here:
$Apple(AAPL.US$ ! Ok, it is still an old leader. It has cross above MA30, and the MA30 is flattening. Phase 1 is done, and we shall see phase 2. Can we buy now? May refer to my last stage analysis video here:
i) The moment it breaks above MA30- highest risk but the best risk reward ratio
ii) Retracement to test MA30 again. Then we buy when it rebounds. Lowest risk with good risk reward ratio. But may miss the run as this may never happen.
iii) Thereafter, any dip will do. Higher risk but low risk reward ratio.
It also means that, if Nasdaq moves to advance phase, Apple will be my priority to add.
Another stock is $Microsoft(MSFT.US$ where it just crossed above MA30. The rest of the big cap tech stocks, still below MA30.
Another stock is $Microsoft(MSFT.US$ where it just crossed above MA30. The rest of the big cap tech stocks, still below MA30.
Lastly, crude oil remains weak. MA30 is a strong resistance there. If it breaks below 85-87 region, we shall see the official phase 4 is formed, and it will be crashing. We shall see the CPI data starts to be tamed and the market will cheer on it soon or later.
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SpyderCall : good post
JM investorOP SpyderCall: thank you!