With a heavy short interest in the market, stocks are hardly taking the time to pause before breaking multi-month downtrends. Yesterday was a healthy digestion day, and a sign that bulls remain in control. Shorts are getting squeezed, adding fuel to the rally. Some stocks are starting to make new highs, making tremendous moves off the lows. Technically, the SPY will be knocking on the door of bigger resistance very soon. There is a small point of resistance at 1204-1206, and then the major zone is really 1220-1230.
*Disclosures: Scott Redler is long SNDK, SINA, JPM, XOM. Short SPY.
Scott Redler
Scott Redler is the Chief Strategic Officer of T3 Live. He develops all trading strategies for the service and acts as the face of T3 Live. Mr. Redler focuses on thorough preparation and discipline as a trader. Mr. Redler has been trading equities for more than 10 years and has more recently received widespread recognition from the financial community for his insightful, pragmatic approach.
Read Next
Investing Strategies
U.S. investors pulled a record $8.8 billion from sustainable funds in Q1
Steve Kerch
May 2, 2024
Economic
The Earth is falling to pieces and it’s connected to climate change
Steve Kerch
May 1, 2024
Private Investments
Women provide fintech startup Ansa with most of its new $14 million funding
Steve Kerch
May 1, 2024
Investing Strategies
7 stock picks for ESG-conscious investors
Faizan Farooque
Apr 29, 2024
Economic
Does ‘virtue signaling’ pay off for entrepreneurs? What a study of 82,000 Airbnb listings says
The Conversation
Apr 26, 2024
Environment
How to investigate toxic lead lurking in your community’s soil
Grist
Apr 26, 2024
The Latest
Investing Strategies
U.S. investors pulled a record $8.8 billion from sustainable funds in Q1
May 2, 2024
Economic
The Earth is falling to pieces and it’s connected to climate change
May 1, 2024
Private Investments
Women provide fintech startup Ansa with most of its new $14 million funding
May 1, 2024
Investing Strategies
7 stock picks for ESG-conscious investors
Apr 29, 2024