The Giant Cantor Fitzgerald of the financial services predicts that the stock market will see meetings in the next one to two weeks.
In a new interview on CNBC television, Eric Johnston, a macro strategist at Cantor Fitzgerald, out That he expects a short bouncing on the stock market in the coming weeks, although he says that the stock environment looks ‘fairly bad’.
“You have an economy that clearly slows down. Uncertainty is quite high …
But in that vision we think that we will have a tactical rally here, probably somewhere in the reach of 3% to 5% in the coming weeks. We think that things from a technical perspective are very well in line. ”
Johnston uses many technical indicators, such as the Relutive Strength Index (RSI) – a momentum indicator used to indicate overbough or over -selling levels – to support his position that a tactical rally is in sight.
“The RSI went under 32. We have withdrawn that [and it] Backtests very consistent, very strong. The VIX curve (volatility index) has become reversed. That shows fear. That is also very well set. Seasonalness is running. Systematic funds have probably already sold what they needed to sell.
And hedge funds have also brought down their net exposure. So you add that to the FED next week, that’s where we think they will be Dovish. And we think that this will set up a nice meeting in the course of the next month until a month of the month. “
It was recently reported That the US stock market lost no less than $ 5 trillion in value in the last three weeks.
https://www.youtube.com/watch?v=evH5KZV3ara
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