SPY Technical Analysis for Tuesday August 08, 2023
SPY Within Friday's Range: Resistance Levels at 451.80-452.73-454.98 and 456.98-458.26-459.54
Tesla Shares Fall After CFO Resignation; Apple's Longest Losing Streak of the Year
Stocks rebounded after a harsh week, with the S&P 500 halting a four-day slide and the Dow Jones gaining notably. Berkshire Hathaway reached a record high with earnings surpassing expectations, while Amazon grew due to potential antitrust lawsuit avoidance. Tesla dropped after the CFO's unexpected resignation, and Apple faced its longest losing streak of the year.
Ten-year US yields increased, reaching their highest since November. Fed officials indicated that rate hikes are likely, and a restrictive policy might remain for some time, although cuts might occur if inflation slows. The consumer price index data, expected later this week, may provide more clues on policy.
According to a survey, roughly two-thirds of investors anticipate a US recession by 2024, making the current bull market short-lived and favoring long-term US Treasuries.
Controlled Uptrend Within Friday’s Range
TSLA
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