Ming Jong Tey
Independent Analyst
Watch the free-preview video above extracted from the WLGC session before the market open on 30 Apr 2024 below to find out the following:
- How to spot the momentum exhaustion in the S&P 500.
- The pivot point to confirm the potential reversal scenario.
- A key sign traders are looking for when a reversal happens.
- How to identify a meaningful resistance zone.
The reversal was anticipated 1 day before the live session as posted in the 30s market update post on 29 Apr 2024.
Market environment
The bullish vs. bearish setup is 233 to 142 from the screenshot of my stock screener below.
Although the market environment and the market breadth are positive, a potential reversal in the market could easily mess up the long setup.
Focus on the outperformers is the key when buying in this market environment.
Market comment
3 “low-hanging fruits” REVG trade entries setup + 16 actionable setups SOXS, TECS, XLK and 3 “wait and hold” candidates were discussed during the live session before the market open (BMO).
REVG
SOXS
TECS
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
AUD/USD holds steady near 0.6500, upside potential seems limited
AUD/USD edges higher on Friday, albeit it lacks bullish conviction and remains confined in a multi-day-old range. Despite RBA's hawkish stance, geopolitical risks, concerns about Trump's tariff plans, and US-China trade-war fears act as a headwind for the Aussie.
USD/JPY slides to sub-151.00 levels after Tokyo CPI
USD/JPY dropped below the 151.00 mark following the release of strong November inflation figures from Tokyo, Japan’s capital, which backs the case for another BoJ rate hike in December.
Gold price holds steady as traders seem non-committed amid mixed cues
Gold price oscillates in a range during the Asian session on Friday, awaiting a fresh catalyst before the next leg of a directional move amid mixed fundamental cues. Bets that the Fed might be cautious about further rate cuts trigger a modest recovery in the US bond yields and act as a tailwind for the USD, capping the non-yielding yellow metal.
Crypto Today: BTC climbs to $97K, SHIB demand dips, TON lifted by Tornado Cash verdict
Bitcoin price rose 4% on Thursday, breaching the $97,000 mark after opening at $91,947 on Wednesday. Amid the BTC rally, privacy-inclined projects like Monero (XMR) and Toncoin (TON) received a major boost alongside crypto AI coins such as Render (RNDR) and Artificial Super Intelligence Alliance, (FET).
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.