The S&P 500 price dropped 2% yesterday, then on the same day, it bounced back up again, closing down only 0.15% from the previous day (you can see the long wick on the chart). The price jumped strongly at the support trendline, as I expected from my previous analysis.
This is a sign of strength from the bulls.
The price is right now moving above the 50-day MA (red moving average), but it’s still trading below the 21-day MA (blue moving average).
The index should break above the 4,700 level to show some bullish strength, and this might be something likely to happen soon.
The RSI is in Bearish/Neutral mode.
The market sentiment is still in “Neutral” mode.
This is because the investors are feeling a bit worried after the recent drop.
Overall, the price action looks still bullish in the daily timeframe and above, if we consider the higher highs and higher lows.
In fact, the price is still trading inside a rising channel and even when the price dropped below the key moving averages, in the past, it managed to move back above in a few days.
For this reason, I remain overall bullish on the stock market, for the time being.
Any correction gives us the opportunity to buy at lower prices.
In the short term, it means that my portfolio will go down, but once the market will make new highs, I expect higher gains than usual.
I am doing my best to keep the risk score low. I might deposit new funds, in order to do this.
I set stop losses at profit to protect the gains.
Also, I have set new pending orders that will be filled if the prices keep dropping.
Some positions have been closed at profit in the last few days.
If you are a copier, please keep the copy open.
If you are thinking of copying me, remember to NOT copy the open trades to optimize the copy.
If your copy remains open but with no trades, be patient, it means that there are no new opportunities right now, so in this case, it’s better to wait instead of being invested in the market.
The positions will be opened when is the right time.
Remember to set the stop loss on the copy at the minimum level, so you don’t get stopped if there is a correction.
Now I am finally an official eToro Popular Investor.
I am aiming to raise my AUM to over $50,000, so I can become a Champion PI.
Thank you, everyone. Have a nice day!
Steps to follow to copy my portfolio automatically:
2. Verify your account and make a deposit of at least 200 USD (you can deposit in any currency, like GBP and EUR)
3. Go to my profile page: https://federicamontella.com/go/etoro-passionforprofit/
4. Start the copy (remember to NOT copy open trades and set the lowest stop loss possible, to allow some movement)
5. Enjoy, it’s all automatic. You will make passive income 24/7
Let me know if you have any questions.
eToro Popular Investor