Stocks Analysis by Jani Ziedins covering: S&P 500, iShares Core S&P 500 ETF, SPDR® S&P 500, S&P 500 Futures. Read Jani Ziedins's latest article on Investing.com
as early gains gave way to midday losses that were then recovered by the close. After it was all said and done, the index finished up a respectable 0.4%. Not bad for a day’s work.Aside from the developing situation in the Middle East, economic headlines haven’t changed in a meaningful way over the last few weeks. Wednesday’s gains make this four up-sessions in a row, and the index continues bouncing back nicely from September’s oversold levels.
I have no idea if 4,200 support will hold up next week, but it is holding right now, and that is good enough for me. I bought bounce and already lifted my stops up to my entry points, turning this into another low-risk trade. But rather than get cocky and gloat, these 3x profits are making me nervous. Everyone knows stocks move in waves, and that means after a nice bit of up, it is time to collect our worthwhile profits and get ready for the next trade.
The 50dma and 4,400 resistance are just above our heads, making this a good place to collect our 3x profits. If the rally wants to smash through 4,400 next week, it is easy enough to buy back in. Until then, nothing beats the calm and clarity that comes from sitting on a pile of profits while enjoying the safety of the sidelines.Amidst the tech craze caused by the emergence of generative AI solutions, there is a stock that may have been overlooked.
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