In today’s briefing:
- China Southern Airlines Co Ltd (1055 HK) – LT Charts Delivering Potential for a 20%+ Uptrend in 2023
- Still Expecting 4165-4200 on S&P 500 to Cap Upside; Buys Within Insurance and Steel/Metals
China Southern Airlines Co Ltd (1055 HK) – LT Charts Delivering Potential for a 20%+ Uptrend in 2023
- At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. •1) Response to key levels. •2) Price action. •3) Momentum confirmation.
- The 2021/2023 period has produced definitive evidence of bullish LT trend change. We see this in both trend structure and also LT momentum triggers.
- Since 2015, peaks have been in the 8.50/11.00 range. Conservatively, the 2023 uptrend targets the top of the parallel uptrend channel in the 7.25/7.45 range (20%+), likely in H2 2023.
Still Expecting 4165-4200 on S&P 500 to Cap Upside; Buys Within Insurance and Steel/Metals
- SPX is holding above its 200-day MA/3940 coinciding with its prior downtrend from 2022 near 3915; 3915-3940 remains critical support, and is the gateway to a much deeper pullback.
- Additionally, the Nasdaq 100 (QQQ) is breaking back above $297, another important line in the sand for us.
- The SPX holding at 3915-3940 could be the spark that allows another run toward YTD highs, but we continue to expect 4165-4200 to cap upside on the S&P 500.
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