Dow Jones, S&P 500, and Nasdaq continue to trade at record highs

As Evergrande sparked the worst day in the U.S. stock market since May, the benchmark S&P 500 index tested the 4,300 level on Monday but rebounded in the afternoon session. The rally continued into Tuesday morning and Monday’s low of 4,305 can be seen as a new “point of reference,” Scott Redler, Chief Strategic Officer of T3 Live commented in a Tweet Tuesday morning.

Redler: 5% correction from September

Monday’s 4,305 level represents a 5% correction from the high in early September that Redler sees as a good spot to cover shorts. Referring to yesterday’s gap in SPX Futures from 4,402 to 4,427, he said in his tweet:

If the Bears want this to be an A,B,C corrective phase, the sellers need to reject the price in the sessions up ahead into the 4,440 area.

Meanwhile, the media will “try and put a reason for the bounce” on Tuesday — much like “they did” during Monday’s decline, he also wrote.

Apple price outlook: ‘if your long, sell some’

In a separate tweet, Redler also suggested that investors cut their exposure to Apple Inc (NASDAQ: AAPL).  

If you’re long, sell some, and we’ll see if $145.76 to $147 rejects price for clues in tech.

The recommendation comes after AAPL broke the $146 level on Friday and continued the move down on Monday, hitting a low of $141.28. It, however, rallied back to about $143 before the market close to keep above the 100-day moving averages.  

Earlier this month, the stock had investors excited as it rallied to a record $157 a share, followed by an about 10% correction in the subsequent weeks.

The post SPX Price Prediction: what trading guru Scott Redler is eyeing? appeared first on Invezz.



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Wajeeh Khan
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