As ChatGPT caught people's eyes, AMZN is still a strong buy
In a highly anticipated appearance at an event in Washington, D.C., Powell repeated sentiments he delivered as part of the Fed's last policy announcement, noting that the economy had entered a "disinflationary process." While the Fed chief added that the effort will take "a good amount of time," markets took heart from the fact that he didn't take an aggressively hawkish turn following the jobs report.
Chart: SPX 5 mins intraday
Stocks had trouble finding a clear direction as Powell spoke. The major averages pushed sharply higher as he began his remarks, only to reverse course soon after. After a brief sojourn into negative territory, the upward momentum returned, eventually leading to notable gains by the close.
With the advance, stocks broke a two-session losing streak. Headed into Tuesday, traders had fretted about last Friday's jobs report, which showed stronger-than-expected payroll gains. Ongoing resilience in the labor market has raised concerns that the Fed will need to stay hawkish longer than expected to tamp down inflation pressures.
Along with Powell, Minneapolis Fed President Neel Kashkari represented another central bank speaker to make headlines on Tuesday. He said that the employment statistics indicated that policy makers had more work to do, suggesting an eventual policy rate of around 5.4%.
Chart: SPY daily
Chart: QQQ daily
From the tech side of analysis, all indices break prior resistance which is a clear break confirmed. I think the QQQ looks even more bullish compared to the SPY, as Qs test 302ish 8 EMAs (daily) and hold up Monday's low.
And as you guys might be aware, ChatGPT caught people's attention in the last couple days. As natural language processing and artificial intelligence continue to advance, chatGPT is becoming a prevalent technology used in various industries. And most companies which have been involved in the development and implementation of chatGPT and companies that may be impacted by the rise of this technology are listed on Nasdaq, which might be a reason why Qs looks stronger than SPY.
Chart: AMZN daily
Chart: MSFT daily
Company like AMZN, NVDA, MSFT have performed so well recently. Hope you guys still remember, I called AMZN multiple times, even right now, I still believe it's a good solid buy.
LINK: AMZN ideas
Please feel free to express your ideas and thoughts in the comment section.
Stocks had trouble finding a clear direction as Powell spoke. The major averages pushed sharply higher as he began his remarks, only to reverse course soon after. After a brief sojourn into negative territory, the upward momentum returned, eventually leading to notable gains by the close.
With the advance, stocks broke a two-session losing streak. Headed into Tuesday, traders had fretted about last Friday's jobs report, which showed stronger-than-expected payroll gains. Ongoing resilience in the labor market has raised concerns that the Fed will need to stay hawkish longer than expected to tamp down inflation pressures.
Along with Powell, Minneapolis Fed President Neel Kashkari represented another central bank speaker to make headlines on Tuesday. He said that the employment statistics indicated that policy makers had more work to do, suggesting an eventual policy rate of around 5.4%.
From the tech side of analysis, all indices break prior resistance which is a clear break confirmed. I think the QQQ looks even more bullish compared to the SPY, as Qs test 302ish 8 EMAs (daily) and hold up Monday's low.
And as you guys might be aware, ChatGPT caught people's attention in the last couple days. As natural language processing and artificial intelligence continue to advance, chatGPT is becoming a prevalent technology used in various industries. And most companies which have been involved in the development and implementation of chatGPT and companies that may be impacted by the rise of this technology are listed on Nasdaq, which might be a reason why Qs looks stronger than SPY.
Company like AMZN, NVDA, MSFT have performed so well recently. Hope you guys still remember, I called AMZN multiple times, even right now, I still believe it's a good solid buy.
Please feel free to express your ideas and thoughts in the comment section.