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Rich Ross of Evercore ISI said on CNBC's Trading Nation that the up trend isn't over after the pullback on Tuesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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He noticed on a chart of SPDR S&P 500 ETF Trust (NYSE:SPY) that the ETF bounced of its 50-day moving average. He sees that as a bullish sign, because the 50-day moving average has been a strong support for the stock during the post election period.
Ross thinks pullbacks are going to be more shallow as the market continues to move higher. An eventual break below 50-day moving average would create a stage for more downside, with support levels at $230 and $228, added Ross.