Ming Jong Tey
Independent Analyst
Watch the video extracted from the WLGC session before the market open on 16 Jan 2024 below to find out the following:
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How the potential supply absorption scenario could unfold and affect the S&P 500.
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The spring entry setup for short-term swing trading.
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Why the current rally might not be sustainable.
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The price target of the S&P 500 should the key support levels fall through.
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and a lot more...
The bullish vs. bearish setup is 276 to 178 from the screenshot of my stock screener below.
Although this is still a healthy and positive market environment, the bullish setup has decreased significantly compared to last week.
This is consistent with the deteriorating short-term market breadth, suggesting only a handful of the heavy-weight stocks are supporting the S&P 500.
Wyckoff method stock screener
A localised topping formation could be in progress as discussed in the tweet earlier below:
"This is very bullish momentum $SPX $ES #SP500 and it will take a process like a localized topping formation, similar to the localized stopping process as shown in the video in order to stop the whole trend and then come to a pullback." pic.twitter.com/pYDk4xPdEp
— Ming Jong Tey (@MingJong) January 3, 2024
8 “low-hanging fruits” (CR, ANF, etc…) trade entries setup + 15 others (CELH etc…) plus 8 “wait and hold” candidates are discussed in the video (33:28) accessed by subscribing members below.
CR
ANF
CELH
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