Because the chart looks really good and when the SPX grows, everything grows.
When everything grows, everything grows.
Barring a surprise crash on Monday, we get a green Monday...
Ok, let's read the chart!
The SPX closed Friday green. It tends to follow up the next week (tomorrow).
The SPX bounced from MA200, confirming this level as support.
The SPX moved on Thursday above EMA100, on Friday it moved above EMA10, EMA50, EMA21 and EMA300. EMA300 being the longest moving average and one that has been tough on the SPX for many months. Staying above it, the grey line on the chart, opens the door for long-term growth.
The RSI is bullish and strong.
The MACD is showing a bullish cross on the 4H timeframe, on the daily is trending up.
- Gold looks strongly bullish, I just shared a chart. - The DJI looks bullish. - Bitcoin is consolidating solid, strong as well. Not really bullish? Trading above EMA50; bullish as well. - I've shown you dozens and dozens of Altcoins producing massive explosions recently, hundreds if we go back to February and more than 500 that have been growing and printing higher lows since the start of 2023.
would say green Monday despite the news of the banks reducing their exposure... FEDman Powell should speak on the 7th so even if it bloody Monday I'll be going with happy finger syndrome... Specially given the propensity for the banks to fall into scams such as LUNA, FTX and the list goes on... DYOR guys always I'd also be looking for some Defi coins specially multichain ones and I really mean providers, multichain Wallets, DEXes and if AI as well then so be it... but no rush on AI just DYOR
It just came to me that Bitcoin has been trading above $20,000 now for 50 days... The 7th is a Full Moon day, emotions are going to be running high. I expect some turbulence but ultimately bullish.