S&P 500 Slices Through 50-Day MA Support: What’s Next for Stocks?
Deron Wagner | Aug 17, 2023 08:16AM ET
Both the S&P 500 and Nasdaq have broken down below their 50-day moving averages for the first time in months. In this video, we dissect the charts to determine where stocks may be headed next.
We’re back with another Morpheus swing trading video, where we dive deep into the market’s twists and turns to uncover actionable insights that could make a significant impact on your trading strategies. If you’re ready to make sense of the current market landscape and discover potential opportunities, you’re in the right place.
In our previous video, we highlighted the critical support level of the Nasdaq’s 50-day moving average, a level that often triggers bullish reversals. But the unexpected happened—buyers hesitated, leading to a breakdown beneath this crucial marker.
Now, the S&P 500 has swiftly followed suit, breaching its 50-day moving average for the first time in 5 months. What does this technical development suggest for the broader market, and where might stocks be heading next?
Join us as we walk through the technical charts of the S&P 500 ETF ($SPY) and Invesco QQQ Trust (NASDAQ:QQQ), unraveling the implications of these recent moves and exploring possible trading strategies. Moreover, we’ll shed light on Booking (NASDAQ:BKNG).com, a standout stock that’s defying the prevailing trend by demonstrating remarkable relative strength.
But that’s not all—we’re also revisiting Celsius Holdings (NASDAQ:CELH) ($CELH), a stock we covered in last week’s video. Discover how this stock has been building on its gains and how it could potentially fit into your trading plans moving forward.
As always, our mission is to provide you with valuable insights, practical strategies, and a holistic view of the market landscape.
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