Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Stocks Snap Back, At Least For One More Day

Published 06/23/2021, 01:04 AM
Updated 09/20/2023, 06:34 AM

Stocks rallied Tuesday, with the S&P 500 up by 50 bps, taking the index back to where it was before the Fed. Overall, nothing has really changed, it just seems like moves from last week were sudden and violent, and for the most part, the market seems to be reverting to some degree.

Can it continue to push higher? I suppose, as long as the reflation assets can rebound further. However, I’m not sure how much further they can rise because bonds and many spreads are still weak.

S&P 500 Futures

The S&P 500 Futures may have completed a wave B yesterday, which means that we will likely see a reversion lower the rest of the week back towards Friday’s close.

S&P 500 Futures Daily Chart

Goldman Sachs

Goldman Sachs Group (NYSE:GS) has not rebounded along with the broader S&P 500 index. The stock has done nothing and remains in a downward trend.

Maybe the reflation trade for the banks is over; it sure seems that way. It certainly would make sense if that were the case. The region around $350 appeared to be really important, and if it breaks, Goldman’s stock has quite the distance to drop.

Goldman Sachs 1-Hr Chart

Freeport

Freeport-McMoran Copper & Gold Inc (NYSE:FCX) has been on the rebound from last week’s pounding. As a result, the stock probably has a good chance to rise back to resistance at $36.50.

Freeport Inc Daily Chart

UPS

United Parcel Service (NYSE:UPS) can still rise a little bit more; maybe it gets back to $210.

UPS Inc Daily Chart

FedEx

FedEx (NYSE:FDX) got back to its 50-day moving average, and that was where it stopped. The 50-day is a big resistance area for now, so any hopes for a further advance will weigh on that moving average.

Fedex Daily Chart

Original Post

Latest comments

Once the author goes bullish the market will tank.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.