Holiday Time…
It’s the end of the year holiday with the family. The year end break is always the longest, where we take 2 weeks off and go for a trip. We hope you guys also have some time off with your loved ones. All work and no play makes jack a dull boy… so let lose and enjoy the year end. We are almost done for our holidays and enjoyed every little part of it. I’m keeping this short as need to do some last minute shopping before we return.
SPX (4604)
SPX went above July high of 4607 and closed below it last Friday. On first attempt it is respecting the resistance level. If the market is looking to selldown, probably the best time is on Tuesday when CPI is announced. A bod CPI print will likely give a chance for a pullback from the current overextended levels.
The Fed fund rate is expected on Wednesday and the market expectation is no rate increase but we still await to hear what the Fed has to say then.
A pullback could likely bring SPX back to 4400 level but if it continues the rally, the next challenge is the market all time high of 4818.
Trade range for the week is 4550 to 4650.
NDX (16084)
NDX is also coming back to the resistance level. For several weeks NDX has been trying to break above the resistance but was not successful. It may continue to trade range until a time it breakout or retrace back lower.
We are still keeping an eye on 15600 level for a retracement.
Trading range for the week is between 15550 to 16200.
HANG SENG INDEX (16334)
HSI is now sitting at the lower end of the channel. Let’s see next week if it holds.
The lower support now at 16000 and resistance at 16900.
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Options involve risk and are not suitable for all investors. Please read Characteristics and Risks of Standardized Options before deciding to invest in options: https://www.theocc.com/components/docs/riskstoc.pdf
MYstyework is an Online Financial Literacy Educator and materials provided is solely by MYstylework and is for informational and educational purposes only. It is not, nor is it intended to be, trading or investment advice or a recommendation that any security, futures contract, transaction or investment strategy is suitable for any person. Trading securities can involve high risk and the loss of any funds invested. MYstylework, through its contents, does not provide investment or financial advice or make investment recommendations. Investment information provided may not be appropriate for all investors, and is provided without respect to individual investor financial sophistication, financial situation, investing time horizon or risk tolerance. MYstylework is not in the business of transacting securities trades or an investment adviser.