EL: Some Chart Thoughts
1.
I have been writing a mid week Wednesday note. Very short, but longer than just post.
There are two levels that matter to me in the immediate term for the $S&P 500(.SPX)$ .
5930 and 5660. Very wide range of 300 pts. I don't love it, but it is what it is. It will grow more narrow over the next few weeks.
Close above 5930 and every pullback becomes a pathway towards all time highs. The lower boundary is 5660 aligned with short term moving average. Long term trading below this becomes a caution sign.
2.
$Estee Lauder(EL)$ Michael Burry's Estee Lauder is making headlines. The last stock left in his portfolio. Everything else sold.
Some chart thoughts:
- 83% decline. This is catastrophic to sentiment.
- Price below the long term moving average ~80
- Momentum is at the bottom of the barrel
- Decade long resistance at 25 if the company goes on life support
The risky participant probably buys here.
The more conservative approach is to let the moving average flatten out and buy > 75
This chart is similar to $Alibaba(BABA)$ and $TENCENT(00700)$ when Michael positioned long.
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