SPX Rally: If You Chase, Do So with Caution
Today’s move in the $S&P 500(.SPX)$ validated the bullish price action formed last week after bouncing from 7,513 as our extended bearish target.
The price consolidated with conviction above the modeled central level of 7,605 that validates momentum (bullish above, bearish below). Today we’ll examine the context, since the price reached our extended bullish target in a single day while the SPX gained 1.5% and the $Cboe Volatility Index(VIX)$ stayed neutral.
In my latest publication, I highlighted how valid it was to stay bullish with $NASDAQ 100(NDX)$ $Invesco QQQ(QQQ)$ $Alphabet(GOOG)$ $iShares Bitcoin Trust(IBIT)$ $iShares Ethereum Trust ETF(ETHA)$, and other securities. The rally today validates the bullish considerations posted.
I also highlighted high probability bullish setups with high probability of reaching their targets. Among them, I posted $NVIDIA(NVDA)$ targeting 227 (+2.3%), which was reached today with accuracy 🎯; $Advanced Micro Devices(AMD)$ targeting 586 and 612, with price reaching the second target with precision (+9.5% 🎯); $Tesla Motors(TSLA)$ at 374 (+2.6%), also reached today 🎯; and $Netflix(NFLX)$ targeting $74.3, a level neared today.
Markets are always moving - and sometimes, the best move is knowing what works for you.
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