US Stocks Up on Bearish News

Today 05/04/22 the FOMC  again raised interest rates, and US stocks had a big rally.

The daily S&P 500  (SPX) chart courtesy of Trading View illustrates the action.

Daily RSI after recording  a  bullish divergence  had a bullish cross over of its moving average line.  This new piece of bullish evidence adds  to the considerable bullish evidence that has been chronical in this blog.

Today on bearish news the bears had a chance to smash stocks lower – they failed.

Traders  go long  100%  non-leveraged SPX related funds on the open of SPX trading on 05/05/22.  Use a move below SPX 4153.47 as a stop loss for half the position.  Use a move below SPX 4127.73 as a stop loss for the remaining  position.

Published by Mark Rivest

Independent investment advisor, trader, and writer. Articles have appeared on Technical Analysis of Stocks and Commodities , Traders.com Advantage, Futuresmag.com, and Finance Magnates.

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