⚠️Wall Street Week Ahead: *Retail Sales Next Catalyst in Short-Term Rally 👉 $DIA $SPY $QQQ $IWM $VIX
I may deepen my S&P 500 target to 2,700Bitcoin may be gearing up for another drop to $10K
Once again, investors are driving up beleaguered technology stocks and mega-caps on the outlook that inflation is peaking.I've observed that"the risk-on, risk-off" narrative correlated with the short-term swings within the downtrend, the so-called"Fed pivot" drummed up since the summer lows that repeated itself with each bounce, after theStill, while the benchmark crossed above the 50 and 100 DMAs, it is below the 200 DMA.
. However, if my 3,000 calls are realized, I will have to up the ante. The price will have completed an H&S continuation pattern, which based on its height implied a target of almost 700 points from completion - which is difficult to gauge given that the neckline is sloping precisely. Roughly speaking, if we estimate that the pattern will complete at 3,400, an approximate move of 700 points will target the 2,700 level.
. It could be what makes or breaks the short-term rally. Robust retail data will make it difficult for the Fed to ease on rates and force it to remain aggressive, as it would suggest that inflation will keep rising.The 3-month and 10-year Treasury yields are inverted. Since 1982, every inversion has been a leading indicator of an equity decline sometime in the following year.
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