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05/04/2024 Weekend Update
05/04/2024 Weekend Update
Up 2 weeks in a row, the next week has 54% chances to close up, 75% chances to make a higher high.
So more up.
So more up.
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BullBear52x
- Posts: 29669
- Joined: Tue Feb 22, 2011 3:47 pm
Re: 05/04/2024 Weekend Update
Nothing much to add besides what I have said on Friday. Earning season, election year, stock buy back window. let see how the coming week unfold.
Look at the Mega Caps momentum, there is a sign of improvement.
NVDA is hitting resistance, if next week it breaks out above 61.8% it will be a full recovery on this pullback.
Short term momentum is very positive, Trade well, Peace!
Look at the Mega Caps momentum, there is a sign of improvement.
My comments are for entertainment/educational purpose only. NOT a trade advice.
Re: 05/04/2024 Weekend Update
Thank you, Cobra, koolblue and BB52x.
Over at the bears' lair, more bears seemed discouraged, with some indices closing above MA(50) and erasing the April dip.
Over at the bears' lair, more bears seemed discouraged, with some indices closing above MA(50) and erasing the April dip.
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Trades w 2 Cats
- Posts: 1769
- Joined: Tue Dec 15, 2020 3:48 pm
Re: 05/04/2024 Weekend Update
Do not understand how anyone can choose a side. The only side is making money. The market is an auction and a liquidity system. Fed and Congress increased money by 40%. They have pulled about 5% back. Now they just said, Oh we went too far, we will slow down. Buh of that money ended up in the market. I understand Bears saying you can not print your way to prosperity, but where is the sign that the dollar is done? Are not Mag 7 mega cap stocks moving like a penny stock not a sign that surplus liquidity is still sloshing around?
Best to simply play the market day in and day out.
Elliott wave updates are all looking for for more up. Three groups, first group says the top is in and the fall will continue once earnings is behind us. Second group is saying very good chance of a slightly higher all time high then we go down. Third group is saying this is an election year. Up and up to a significantly higher high (6,000 area) then down.
The build a PC guys on social media are saying Nvidia is releasing their next gen stuff six months early because the PC stuff uses some of the tech for the AI chips and they need to get the production lines switched over. You know they are stuffing the pipeline, but next gen gives them a comeback when they get asked about AMD etc. AI chips. So I expect a great show from Nvidia. Question will be if they can boost the entire market again.
Best to simply play the market day in and day out.
Elliott wave updates are all looking for for more up. Three groups, first group says the top is in and the fall will continue once earnings is behind us. Second group is saying very good chance of a slightly higher all time high then we go down. Third group is saying this is an election year. Up and up to a significantly higher high (6,000 area) then down.
The build a PC guys on social media are saying Nvidia is releasing their next gen stuff six months early because the PC stuff uses some of the tech for the AI chips and they need to get the production lines switched over. You know they are stuffing the pipeline, but next gen gives them a comeback when they get asked about AMD etc. AI chips. So I expect a great show from Nvidia. Question will be if they can boost the entire market again.