Morning Scoop
🍀 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.
Markets
News
- 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.
Forecast
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!
Chart Analysis
$TSLA
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.
Wrap-up
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! 🍀
disclaimer
Although I am an investor by profession, I am not YOUR financial advisor. All content and information on this website including our programs, products and/or services is for informational and educational purposes only, does not constitute financial advice and does not establish any kind of financial advisor-client relationship by your use of this website. A financial advisor-client relationship with you is only formed after we have expressly entered into a written agreement with you that you have signed including our fee structure and other terms to represent you in a specific matter. Although we strive to provide accurate general information, the information presented here is not a substitute for any kind of professional advice, and you should not rely solely on this information. Always consult a professional in the area for your particular needs and circumstances prior to making any professional, legal, investing and financial or tax related decisions..