Hey Trader,
Stay Strong - Overcoming Temptation
In the challenging world of trading, it's easy to feel tempted to take shortcuts or engage in risky behavior, especially when the pressure is on.
It's essential to remember the wisdom of James 1:13: "When tempted, no one should say, 'God is tempting me.' For God cannot be tempted by evil, nor does he tempt anyone."
This verse reminds us that temptation is a part of life, but it's our responsibility to resist it and stay true to our values. Just as God cannot be tempted by evil, we should strive to maintain our integrity and make decisions that align with our moral compass.
So, when faced with difficult choices in trading, take a moment to reflect on your principles and remember that true success comes from acting with integrity.
Be Relentless In Pursuit Of The Will
Which God Has Set Upon Your Heart,
Anthony Speciale
Mortgage Rates Hit Yearly Highs With Potential To Continue Rising
Mortgage rates are on the move again, hitting their highest level of the year. According to Mortgage News Daily, the average rate on the 30-year fixed mortgage is now around 7.5%, marking the highest point since mid-November last year.
This rise in rates comes after a period of fluctuation. Rates peaked last October, causing a slowdown in home sales. However, they fell through mid-January before climbing again in February, driven by concerns about inflation.
Despite the uptick in rates, mortgage applications for home purchases rose by 5% last week compared to the previous week. However, demand is still down by 10% compared to the same time last year, even with rates now 70 basis points higher.
While the increase in supply may provide some relief, it's not enough to offset the impact of rising rates. Homes are selling faster than ever due to heightened competition in the market.
So, what does this mean for traders?
Recent economic data suggests rates are likely to remain elevated in the near future. This could impact housing market dynamics and potentially influence trading strategies.
Stay informed and keep an eye on how these rate changes affect market behavior.
S&P 500 Analysis for Friday: April 19, 2024
We're eyeing a key level at 5116.25, which could contain the strength of the session.
However, if we slip below it, we could be looking at a range between 5071.00 and 5038.00, which could hold up against selling pressure through the rest of the year.
Now, if we see a daily close below 5038.00, it could signal a deeper decline to around 4870.75 in the next 3 - 5 days, and possibly even 4634.50 over the next 3 - 5 weeks.
On the flip side, a bullish scenario could unfold if we close above 5116.25 on Friday.
This could pave the way for a move up to around 5227.25 in the next 3 - 5 days.
Such a move might attract further buying interest into the following week, potentially setting the stage for continued upside as we head into May.
Keep an eye on these levels as they could provide valuable insights for your strategy!
Happy Trading,
Speciale Analysis