Market bulls remain in control
The trend is your friend.
Hello everyone,
I just arrived with my wife and 2-year-old daughter in Zakynthos, Greece, for a little vacation. While I'll be doing my best to bring you content while running after my energetic kid, here's the latest market update.
The S&P500 continues to rise, hitting yet another all-time high this week. While there are always macro events that could cause concern, it's crucial to focus on the broader market trends. Yes, the market breadth isn't typical, driven by a few select names. And yes, recent job data suggests the economy might be weakening, sparking fears of a recession. However, this scenario could prompt the FED to lower rates more quickly. Personally, I ignore most of this noise and follow the price action, which still looks bullish. I do keep an eye on certain levels to determine if the market turns bearish, but for now, I'm fully invested in stocks, enjoying the bull market.
Bitcoin's long-term chart also looks strong, currently consolidating just below its all-time high, which serves as strong resistance. The short-term outlook shows signs of weakening, typical as we approach the summer months. This appears to be a time-based consolidation rather than a possible major breakdown into the low 50ies. The significant presence of institutional buyers absorbing the selling pressure convinces me to hold my positions for the next upward move.
Hope you enjoy my updates. Don't hesitate to follow me or subscribe so we can profit together!
Written by Timothy Assi, a popular investor on eToro. Follow & copy my portfolio:
https://etoro.tw/3Mr9W3x