×

It’s not goodbye, it’s hello Magnifi!

You are now leaving a Magnifi Communities’ website and are going to a website that is not operated by Magnifi Communities. This website is operated by Magnifi LLC, an SEC registered investment adviser affiliated with Magnifi Communities.

Magnifi Communities does not endorse this website, its sponsor, or any of the policies, activities, products, or services offered on the site. We are not responsible for the content or availability of linked site.

Take Me To Magnifi
Wealthpop

Market Finally Blows Off Some Steam ⎯ Just A Pause Or Is The Rally Over?

The market seems to be showing some signs of wanting to pullback a bit after the run up over the past week or so. For the S&P 500, after surmounting that 4200 on last week and again on Monday of this week, it quickly retreated back below that level.

While this may not mean the end of the rally, it could be a signal of the market getting ready to blow off a little bit of that steam. A pullback here would likely bring back 4150 back into play as a point of support for the S&P.

From an individual stock standpoint, the big tech names have begun this selloff. Google (GOOGL), Microsoft (MSFT), and Nvidia (NVDA) have all started Tuesday’s session in the red, retreating back to support levels. Only time will tell if they can recover in the coming days to resume the rally. Tesla (TSLA), however, has not followed this path a continues to push higher this week.

As far as ETFs go, there since much of these moves have been led by the big names, there hasn’t been much participation by the ret of the stocks in these indexes and ETFs. When there is some broader participation from stocks that aren’t as heavily weighted in these ETFs the rally should begin once again.

Join my Smart Trades options trading service today to see exactly how my students and I trade these types of scenarios! Smart Trades is where I teach my students how I trade options on some of the largest ETFs on the exchange. As you learn, you’ll get exclusive access to all my trades with notifications any time one is put on. Now, you can learn how many use this high-income skill to achieve financial freedom. Join today and as always…

Good Luck With Your Trading!

Christian Tharp, CMT

This post was originally published on Wealthpop