Opening Bell: 3 High-Potential Bullish Setups Formations for Today

Profit-taking earlier in the week had caused the markets to weaken a little, before staging a bit of a recovery on Wednesday.

While worries about valuations remain, and a larger correction may come at some point later this year, for now at least the bulls remain largely in control of price action. Bearish speculators still need to see a confirmed reversal signal of the charts given the strength of the rally in the last couple of quarters.

Thus, what the bulls need to see is for the MA to continue holding as support. The bears will want to see a close below it to signal a change in the trend. The SPDR S&P 500 ETF Trust is an exchange-traded fund traded with the symbol SPY. Its purpose is to mirror the performance of the S&P 500 stock market index. This ETF holds the distinction of being the largest and oldest ETF in the United States.) formed a bullish engulfing candle on its daily chart, after dropping earlier this week on the back of poor sales of EVs.

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