🍀 Happy Saint Patrick’s Day! And Happy Friday, did you know that Saint Patrick’s Day was first celebrated in Boston in 1737 with a pint of beer? 🍺So here’s your sign to go have yourself a pint today, the boss won’t mind. On a serious note, let’s get to the markets and see what’s on tap 😉 for today.
- Influencers and YouTubers are facing a billion-dollar lawsuit for promoting FTX.
- Selling pressure on regional banks persists due to fears about the future of the banking industry.
S&P 500 Futures Update
We want to hold here and make a stand, with it being Saint Patrick’s day we have to finish today right? Overnight traders didn’t push the prices too far higher and this morning we’re sitting right at our horizontal line shown above. This could be a pullback from yesterday’s breakout levels.
If we can flip this area to serve as support, it’s possible that we could see a push higher today and into the weekend. However, we had a strong push yesterday, and it’s Friday, a holiday, and a relatively low-volume trading day, so we might not see much movement. Nevertheless, let’s wait and see what happens!
Here we are with Tesla, which has seen a recent push in the market. However, it’s worth noting that on the daily chart, it’s still below its 200-day moving average, though it remains firmly above the January highs.
Tesla is currently in an interesting position, and today’s trading session will reveal whether it still has the momentum to continue rising or if it will take a breather and head towards the recent lows of around $165.
The beauty of this trade is that you have a defined risk, and you can easily determine when to exit. If we break above the resistance zone, I know I’ll be wrong in shorting and will cut my losses at that point.
Today, let’s observe if the bulls can maintain the current zone or even push the price higher. It’s crucial to avoid a sell-off before the weekend, but considering the panic rhetoric being thrown around, it’s hard to predict the market’s direction. Therefore, it’s essential to remain cautious. Happy St. Patrick’s Day! 🍀
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