The SPY's 1H Rally: Will Apple, Microsoft, Amazon, Nvidia, Tesla Continue Pull The Market Higher In 2H?
Portfolio Pulse from Melanie Schaffer
The S&P 500 closed the first half of 2023 up about 16%, led by Apple, Microsoft, Amazon, Nvidia, and Tesla. The SPDR S&P 500 ETF Trust (SPY) and the S&P 500 are showing signs of a potential retracement due to a triple top pattern. A pullback is expected in the short term, especially with the Federal Reserve's decision on interest rates in late July. However, the bullish cycle could continue till the end of the year. Traders can use MIAX’s SPIKES Volatility products to play the potential volatility.
June 30, 2023 | 8:01 pm
News sentiment analysis
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POSITIVE IMPACT
Apple's stock surged about 47% since the Dec. 30 market close.
Apple's significant surge indicates a strong performance, which could attract more investors, pushing the price higher.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Amazon's stock rose almost 55% since the Dec. 30 market close.
Amazon's significant rise indicates a strong performance, which could attract more investors, pushing the price higher.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Microsoft's stock increased 44% since the Dec. 30 market close.
Microsoft's significant increase indicates a strong performance, which could attract more investors, pushing the price higher.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Nvidia's stock skyrocketed a whopping 188% since the Dec. 30 market close.
Nvidia's significant surge indicates a strong performance, which could attract more investors, pushing the price higher.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Tesla's stock soared about 113% since the Dec. 30 market close.
Tesla's significant surge indicates a strong performance, which could attract more investors, pushing the price higher.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The SPY is showing signs of a potential retracement due to a triple top pattern. A pullback is expected in the short term.
The triple top pattern is a bearish reversal pattern. This, combined with the upcoming Federal Reserve's decision on interest rates, could lead to a pullback in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100