As Debt Ceiling Deal Inches Closer To Being Inked, A Short Play On This Sector Is On Watch

[ETF Daily News]( May 17th, 2023 SPONSORED AD [Pentagon Consultant - Here's how Biden Wins Landslide Re-election]( Forensic accountant who consults for U.S. Pentagon, FBI, and Marines says a surprising July 25th "twist" could make many Americans vastly wealthier - but also hand Joe Biden a landslide re-election win. What would America look like if we slide further towards Socialism? [Full story and 4 steps you can take, detailed here...]( [As Debt Ceiling Deal Inches Closer To Being Inked, A Short Play On This Sector Is On Watch]( The market continues to stagnate, chopping along in a range that has held strong for several sessions at this point. With the debt ceiling talks still in a stalemate it is likely that inking a deal could be the catalyst to break out of this range. However, CPI from a couple weeks ago was also thought to be a possible catalyst, but turned out, it didn’t actually pack a punch strong enough to do so. For now, expect that the range will continue to hold… until it doesn’t. Looking at the S&P 500, 4100 is the level to watch for a move to the downside, while 4150 is the level to the upside. A break of this level to the upside could take us back to 4200 in a hurry. However, this would depend on the rest of the market coming to the support of the big tech names like Amazon (AMZN), Microsoft (MSFT), and Google (GOOGL), which have been the main stocks that have held the rest of the market up. As you can see by looking at the heat map on FinViz, not too much strength in the market with many sectors still slightly red. Again, this could be subject to change should the market be hit with some exuberance if we are able to put the debt ceiling debate behind us. The market isn’t very fond of uncertainty, and while it is likely default will be avoided, this is still providing enough uncertainty to where investors and the big institutions are putting any buying, and for that matter, selling on pause. With all that being said, let’s look for a possible trade we can add to our watchlists… Continue reading at [WEALTHPOP.com]( Copyright © 2023 StockNews.com | All Rights Reserved [Unsubscribe]( [Privacy Policy]( [Terms & Conditions]( Magnifi Communities, 1 Penn Plaza, Suite 3910, New York, NY 10119