This Week's Stock Ideas
Monday, December 4, 2023
Good morning everyone.
We hope you enjoyed the weekend and are ready to make money. Also, congrats to all of you who caught last week’s monster trades!
As mentioned last week, U.S. Equity markets are in overbought territory. While this does not mean that a crash is expected, it does indicate that the probability of an extended move higher is less likely. Shown below is a weekly chart of the S&P 500 Index. You will note that we are sitting right at resistance (4,600), and the last time markets hit this level, they sold off drastically. We may not sell off this time, but we need to see the markets break above this level and remain there before we can feel confident holding longer-term swing trades. Last week, we traded for quick profits and hit three solid ideas for stellar returns! This week, we plan to do the same!