SPY WEEKLY 5TH FEB 2024This is my analysis for SPY for this week. Make sure to DM me for any questions or doubts.
NOTE:DO NOT SHORT THE MARKET
Spy500
SPX vs Nifty - A lot of pain ahead for India Stock MarketsSPX is down 6.07% from Sep whereas Nifty is only down 0.74%. If the coupling still exists and we think of US markets as the mother market - then further pain awaits Indian indices.
There are 2 factors which could play spoilsport
1. Rising oil prices - going to cost dearly as we are a net oil importer
2. Rising dollar index - this will push down the INR much further
If India finds a way to buy oil in rupees - problem solved.
Nifty50 cannot remain elevated for so long if the global markets are falling.
Remember - when the rise is higher, the fall will be higher.
Or are the investors gung-ho on India's growth story?
Spy Looking Week Spy Is looking week if not hold level above previous high then 3-5% downside is possible AMEX:SPY
