Ming Jong Tey
Independent Analyst
Watch the video extracted from the WLGC session before the market open on 26 Dec 2023 below to find out the following:
- How to identify a "change of character bar" in the market
- The 2 key elements to determine a "threatening condition"
- The key support zone for the S&P 500
- The immediate price target and the potential path for the S&P 500
- And a lot more...
The bullish vs. bearish setup is 665 to 27 from the screenshot of my stock screener below pointing to a healthy and positive market environment.
The two short-term market breadth hit the overbought level together with the overbought and overextended condition reflected in the price action in the S&P 500.
This is a sign of complacency in the market, which we should be aware of and cautious of while riding the strong uptrend.
A trading blueprint has been discussed last week during the live session, as tweeted below:
Find out:
— Ming Jong Tey (@MingJong) December 27, 2023
- How to manage the trades in this extended market $SPX.
- Will the Dec 2021 market crash repeat itself #SP500?
- Price action analysis on the 4 indices $NQ $RTY $YM $ES, Gold, Silver, Bitcoin, Dollar Index, Crude Oilhttps://t.co/nvacbW7RVP
15 “low-hanging fruits” (GPS, FERG, etc…) trade entries setup + 21 others (U etc…) plus 10 “wait and hold” candidates have been discussed during the live session before the market open (BMO).
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 bulls remain cautious near 0.6500 amid trade war fears
AUD/USD oscillates around the 0.6500 mark and remains close to a multi-month low touched earlier this week amid worries that Trump's tariff plans will trigger a US-China trade war. That said, bets for a 25 bps Fed rate cut in December and the recent fall in the US bond yields keep the USD depressed near a two-week low, offering some support to the Aussie.
USD/JPY recovers from over one-month low; upside seems limited
USD/JPY attracts some buyers during the Asian session and moves away from over a one-month low touched on Wednesday, though any meaningful recovery seems elusive. Worries about the economic impact of Trump's pledged tariffs and geopolitical risks continue to underpin the safe-haven JPY.
Gold price holds steady below $2,640 as traders seem non-committed
Gold price consolidates after the overnight pullback from the vicinity of the $2,660 level. Trade war fears, geopolitical risks, bets for another 25 bps Fed rate cut in December, the recent fall in the US bond yields and the overnight USD slump to a two-week low act as a tailwind for the XAU/USD.
Ripple's XRP eyes rally to $2.58 as whales step up buying pressure
Ripple's XRP rallied 6% on Wednesday following increased buying pressure among whales in the past two weeks. The remittance-based token could stage a move to $2.58 amid increased institutional interest in the launch of an XRP exchange-traded fund (ETF) in the US.
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.