Still No Global Warming?

Image from ABC News

While countries all over the world are experiencing heat waves and floods, the US is no exception. In June and July, many states saw temperatures rise above 100 'F; now, flooding is happening in multiple states.

However, due to political or other unintelligible reasons (like simply believing the wrong leaders), people are still wondering if "global warming" is for real.

But, one thing for sure, green energy is on the rise. EV cars have been slowly replacing gasoline cars. Now, with the latest climate change bill, solar stocks just got a boost.

Last week, solar stocks, such as ENPH, FSLR, SEDG, SPWR, RUN, all experienced pops greater than +20%! Solar stocks may have just started a new bullish phase in a not so bullish market environment.

Speaking of the overall market, a few weeks ago, I wrote an article, saying that the market was "ready for a bounce". Since then, SPX has jumped about 200 points! In that article, I mentioned to watch the SPX 3980 level, which the market had trouble staying above. Until, last Wednesday, when the Fed raised rates by the "expected" 0.75 and gave the impression that the rate of increase will slow soon, SPX finally broke and stayed above that level.

So, has the bounce turned into a rally? Let's see where the market indices stand:

SPX

SPX is testing the near-term resistance level right now, right around the 4130-4150 area. This is the "congested" or "undecided" area that manifested right before the dreadful June CPI report and prompted the Fed to gave its first 0.75 raise unexpectedly. That event caused stocks to drop precipitously, followed by 2 consecutive gap-down days! So, this 4130-4150 range should now become a resistance level.

Nasdaq


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